The Economy Ministry is planning to activate three funding tools by the end of the year in order to improve the flow of liquidity to small and medium-sized enterprises and to meet the obligation for the absorption of a 1-billion-euro deposit from the community support framework (ESPA) received by the country last year.
The financing instruments comprise the fund of funds that will supply 200 million euros via the new ESPA, the new Entrepreneurship Fund that will immediately supply 200 million with the aim of activating resources of 1 billion euros, and the new Exikonomo (“I Save”) program that will supply about 500 million euros with the participation of the banks.
Their immediate activation is dictated by the need to strengthen liquidity in the market, alongside the commitment for the absorption of the 1-billion-euro deposit. Although there is no risk of having to return the funds for good, giving back the deposit would constitute a major obstacle in the smooth completion of the ESPA-funded projects and in the execution of the state budget that has shown a deficit in its co-funded project section (i.e. the flow of European subsidies).
Already the ministry is in intensive talks with the European Investment Fund, which will undertake the management of the fund of funds, for the associated contract to be signed in early December.