Parliament has approved sweeping education reform to allow for the establishment of foreign private, non-profit universities for the first time, a move aimed at attracting investment to the Greek university system and encouraging the development of skills within Greece.

The new law brings Greece in line with other European countries that have long had both public and private universities. More importantly, the new private universities will help attract foreign students to Greece, reduce the flow of young Greeks studying abroad, and ultimately support domestic research and innovation.

Currently, more than 40,000 young Greeks study abroad in foreign universities. Many remain abroad after their studies to pursue work opportunities in other countries, which constitutes a significant brain drain for Greece.

“These new provisions are catalytic in both a modernizing and European dimension. It is a decision that runs along dual tracks but with parallel objectives. Because, on the one hand, it offers our young people more freedom of choice to be able to study in their homeland,” said Prime Minister Kyriakos Mitsotakis in remarks to Parliament. “While on the other hand, it aspires to put Greece on the international educational map as a dynamic center for education in the wider region.”

Apart from allowing the creation of new private universities, the government’s program also includes a range of measures to boost public universities. Through 2027, the government has earmarked almost €1.5 billion in extra funding for state universities, drawn from both national and European Union funds, as well as through select public-private partnerships.