Law no. 4887 of 2022. Development Law - Greece Strong Development.

This Law, consisting of 156 articles, provides for the promotion of the economic development of the Country by granting incentives to specific activities and sectors, in order to achieve the digital and technological transformation of businesses and the improvement of competitiveness, the green transition and the environmental improvement, the creation of economies of scale, the support of innovative investments and of tourism, the creation of employment, the strengthening of less favoured regions of the country. The First Part of the Law concerns investment plans; eligible costs of the investment projects and regional and non-regional aids on green transition environmental upgrading of businesses; ineligible expenses; types of aid, including: tax exemption, grant to cover part of the subsidised costs of the investment project, leasing subsidy, subsidising the cost of the employment created, business risk financing; beneficiaries of the aid granted, including social cooperatives, agricultural cooperatives, agricultural corporate partnerships; conditions for regional aids; evaluation of the investment projects on the basis of specific indicators including environmental sustainability; control and implementation of investment plans; obligations and penalties.
The Second Part of the Law concerns the institutional framework for the granting of State aids in the different sectors, focuses on the strengthening of investment projects in activities promoting digital and technological transformation, and activities in the circular economy and sustainable development adopting technologies that contribute to the protection of the environment, and thus defines related expenses, including: costs for energy efficiency measures, costs for recycling and reuse of wastes, costs for co-production of high efficiency energy from renewable energy sources, costs for the restoration of contaminated sites, expenses for research, development and innovation, expenses for the protection of the environment. The Law also focuses on investment projects facing social, labour, economic and environmental impacts of the transition to a climate neutral economy aiming at achieving sustainable development, including investments contributing to the reduction of greenhouse gas emissions, investments in waste prevention and reduction, resource efficiency, reuse, repair and recycling; on investment projects in new business concerning agricultural production and particularly cotton production, processing of agricultural products in rural areas, fishing, aquaculture. According to the Law, increased aid percentages are granted in mountainous areas, areas affected by natural disasters. Other sectors where the Law provides for strengthening investment projects are: creation, expansion and modernisation of an integrated form of tourism, including diving tourism and agritourism or wine tourism.
The Third Part of the Law concerns institutional bodies, committees for evaluating the investment plans, records management, advisory committees, development Law information system and aid impact assessment.