A new era for Greece’s Sovereign Wealth Fund—now renamed the National Development Fund—was announced by Minister of National Economy and Finance Kyriakos Pierrakakis at the Growthfund Investor Summit. The rebranding signals a strategic shift: from crisis management to proactive, value-driven stewardship of state assets, with a focus on investments, infrastructure, and productive upgrading of the Greek economy.
A European Context, A Greek Opportunity
Pierrakakis placed the reform within the broader European landscape, highlighting mounting financing needs across defense, energy autonomy, digital infrastructure, artificial intelligence, semiconductors, and data centers. While Europe holds over €10 trillion in savings—and boasts strong industrial capacity, world-class universities, skilled labor, and mature institutions—it has yet to consolidate these advantages into unified investment power.
Greece’s Evolving Economic Profile
The minister emphasized that Greece is no longer the ‘crisis economy’ of the past—though challenges remain. Key indicators reflect marked progress: GDP growth hovering near 2%, outpacing the EU average; unemployment below 8%; investment rising from roughly 11% of GDP in 2019 to over 17% in 2025; and exports reaching 42% of GDP.
Debt Reduction and Fiscal Discipline
Pierrakakis noted the public debt ratio is projected to fall from 154.2% of GDP in 2024 to 119% by 2029. He also highlighted Greece’s recent early repayment of €6.94 billion in loans from the first bailout program—a move expected to save more than €200 million annually in interest payments.
From Oversight to Active Development
Under its new mandate, the National Development Fund transitions from a passive oversight body to an active engine of economic development. It currently manages assets worth approximately €12.3 billion, holds stakes in 23 subsidiaries and affiliated companies, operates across 11 strategic sectors, and supports more than 25,000 employees across its portfolio. The core principle guiding this evolution is clear: public assets must be treated not merely as balance-sheet items—but as productive capital.
Invest10: Mapping Greece’s Next Decade
The minister spotlighted Invest10, a joint initiative led by the Ministry of National Economy and Finance and Growthfund—with support from McKinsey—to identify high-potential sectors where Greece can build competitive advantage over the next decade. Though the full list of priority areas was not completed in the provided text, the initiative underscores the government’s commitment to evidence-based, long-term strategic planning.