An 80-millio-euro loan on Western Macedonia's green transition from a lignite-based economy was signed between the Greek government and the European Investment Bank (EIB) on Monday.

Signers included Finance Minister Christos Staikouras, Alternate and Deputy Development & Investments Ministers Nikos Papathanassis and Yiannis Tsakiris, respectively, and Region of Western Macedonia Director Giorgos Kassapidis.

A Development & Investments Ministry statement said that the loan is in the form of a multisector loan-framework totalling 80,712,357 euros. It will be funded through Pillar III of the Just Transition Mechanism (14.5 mln euros), the state or regional budget (8.0 million euros), and by a credit of 58.1 million euros provided EIB to the Greek state.

The plan is expected to "tranform the regional economy of Western Macedonia on the basis of a new productivity model, under terms of social justice and sustainable development," said Staikouras, who is also member of EIB's board of managers.