Ferrovie dello Stato (FS) and the Greek Ministry of Transport have signed an agreement aimed at modernising Greek railways. The investment totals EUR 760 million, with Greece contributing EUR 400 million and Italy providing EUR 360 million.
“Greece will invest over EUR 400 million to upgrade the railway network and to restore several areas affected by last year’s floods. In addition, a EUR 360 million investment is planned to bring the network in line with Italian railway standards,” said Greek Prime Minister Kyriakos Mitsotakis.
The investment was jointly announced on 12 May 2025 by Prime Minister Mitsotakis and Italian Prime Minister Giorgia Meloni during the Italy–Greece Intergovernmental Summit at Villa Doria Pamphilj in Rome. The summit provided an opportunity to coordinate efforts in addressing common challenges and to strengthen bilateral cooperation in the mobility of people and goods.
“We are committed to further deepening our economic cooperation. Italy is Greece’s leading trading partner, and the agreement between Ferrovie dello Stato and the Greek Ministry of Transport marks the revival of a vital strategic partnership,” said Prime Minister Meloni at the conclusion of the summit.
As part of the summit, Italian Deputy Minister for Infrastructure and Transport, Edoardo Rixi, and his Greek counterpart, Konstantinos Kyranakis, who oversees railway transport, signed a Memorandum of Understanding (MoU) marking the beginning of a new phase of collaboration in rail transport, infrastructure, and sustainable mobility.
The MoU sets out a shared commitment to enhancing the Greek railways, with a focus on safety, digitalisation, industrial cooperation, including new investments in rolling stock and staff training, as well as coordinated development of the TEN-T network, the green transition, adoption of low-emission technologies, and alignment on strategic European initiatives such as the Emissions Trading System (ETS) and rail capacity development.
Both countries have pledged to mobilise financial and technical resources to support investments that improve railway safety, promote interoperability, and enhance services for passengers and freight users alike.
A key priority of the agreement is the renewal of Hellenic Train’s rolling stock. Owned by the FS Group, Hellenic Train is considered central to the modernisation of Greek railways.
“The memorandum reflects the clear intention of Italy and Greece to face future mobility challenges together, placing safety, interoperability, and sustainability at the heart of their shared agenda,” stated Italy’s Ministry of Transport.
The agreement follows a visit to Rome on 8 May by Greek Deputy Minister Konstantinos Kyranakis and Athanasios Ziliaskopoulos, President of Hellenic Train. The visit also included discussions with Roberto Rinaudo, CEO of Hellenic Train; Stefano Antonio Donnarumma, CEO of FS Italiane; Gianpiero Strisciuglio, CEO of Trenitalia; and Luigi Corradi, CEO of FS International. Talks focused on the future development of Greece’s passenger and freight rail services.
According to Hellenic Train, the EUR 360 million investment represents “one of the largest and most strategically significant investments currently underway in Greece’s transport sector.”
The company’s investment plan includes the procurement of new rolling stock and the upgrading of maintenance facilities. Its successful implementation is closely linked to the modernisation of rail infrastructure and the expansion of the national network’s capacity.
“The agreement with the Ministry of Infrastructure and Transport lays the foundation for the development of our new rail investment programme in Greece. Implementing Hellenic Train’s strategic plan is expected to deliver significant benefits for both passenger and freight transport, with strong multiplier effects on the Greek economy,” said CEO Roberto Rinaudo.
During the visit, Deputy Minister Kyranakis and CEO Donnarumma also met with Italy’s Minister of Infrastructure and Transport, Matteo Salvini. The meeting reaffirmed Italy’s continued interest in investing in Greece and highlighted the importance of a mutually beneficial partnership.
In 2017, FS acquired Trainose, which was subsequently rebranded as Hellenic Train following a EUR 45 million transaction. The acquisition formed part of FS’s 2017–2026 Business Plan to expand its presence in the European rail market. Hellenic Train is committed to developing innovative technologies and logistics solutions, including combined rail–road freight services. The company currently operates 274 daily services—both passenger and freight—and has a fleet of 1,179 locomotives, coaches, and freight wagons.
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