Friday November 28, 2014 Search
Weather | Athens
16o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Investment fund off the ground

 Extensive support by KfW in capital and expertise will attract more institutional and private investors

By Evgenia Tzortzi

The Institution for Growth in Greece will start financing small and medium-sized enterprises in June with 200 million euros provided by the Greek state and Germanys KfW. The fund will refinance existing loans and issue new credit to SMEs.

Finance Minister Yannis Stournaras laid out the new funds activity on Thursday, stressing the significance of KfWs participation, saying the German development bank will operate as a catalyst to attract capital from private investors, too.

Development Minister Costis Hatzidakis explained that the funds capital will be utilized further as the French government has expressed its determination to participate through the countrys Deposits and Consignments Fund or its Public Investment Bank, while KfWs participation will serve to woo even more capital, he said.

Interest has also been expressed by the government in Abu Dhabi and the China Development Bank, while the fund has already signed an agreement with the Onassis Foundation for its participation with up to 30 million euros. In the next 10 days the fund will sign an agreement for the European Investment Bank to participate with input of between 50 and 100 million euros. In the long term the Greek side will contribute 350 million euros that has been set aside from the Public Investments Program and the Structural Funds.

Hatzidakis underscored that the Greek state is not seeking a majority in the funds governing board, nor a majority stake, as the main target is to attract investors. In fact, sources said that KfW will undertake the funds management to contribute its experience managing similar tools for funding SMEs.

Loans will be issued via Greek banks and the categories of loans will be determined in the coming months according to market needs. Among the products to be planned will be loans providing for companies to pay only for their interest for the duration of the contracts to be signed.

ekathimerini.com , Wednesday April 23, 2014 (22:41)  
Greek retail sales post rise but deposits take a hit
Cyprus president urges probe into airline bidding
Aegean Airlines flying high, nine-month results show
Bank of Cyprus posts 5-mln-euro loss in Q3
Moscovici urges Athens to take necessary measures, make way for troikas return
The Greek government must take all the necessary measures so that troika inspectors return to Athens for their final assessment on Greece's reform program, EU Economic and Tax Commissioner P...
Venizelos urges Turkey to respect Cyprus EEZ
Ankara must respect Cyprus's exclusive economic zone (EEZ) if it wants UN-brokered reunification talks to resume, Greek Foreign Minister Evangelos Venizelos said ahead of a weekend visit to ...
Inside News
SOCCER
PAOK is one win from Europa Leagues last 32
A late brace by Stefanos Athanasiadis gifted PAOK a precious win at Dynamo Minsk on Thursday, meaning that the Thessaloniki team is one win away from graduating from the group stage of the E...
BASKETBALL
First defeat for Olympiakos in Euroleague
Olympiakos suffered its first Euroleague loss of the season going down 89-70 at Laboral Kutxa on Thursday, although the Greek team remains the favorite to clinch the top spot in its pool. Th...
Inside Sports
COMMENTARY
Change of US president wont mean change of foreign policy
Americans have again voted for change in Washington as opposition Republicans take control of both houses of the US Congress. As attention now turns to the 2016 presidential race, it's time ...
COMMENTARY
The presidential election paradox
A few days ago, speaking with a visiting colleague who neither works in Europe nor covers events here, I suddenly felt how much we Greeks take for granted some things that should have worrie...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Greek retail sales post rise but deposits take a hit
2. Cyprus president urges probe into airline bidding
3. Aegean Airlines flying high, nine-month results show
4. Bank of Cyprus posts 5-mln-euro loss in Q3
5. Moscovici urges Athens to take necessary measures, make way for troikas return
6. As prices keep falling, Greeks finally start to spend
more news
Today
This Week
1. Child molester suspect photo released by police
2. Lebanese FM: Cyprus may be jihadi transit point
3. Athens water supply 9-month profit falls 45 pct on lower charges
4. Change of US president won't mean change of foreign policy
5. Armed man arrested on Thessaloniki campus
6. Greek economy expands 0.7 pct q/q in Q3
Today
This Week
1. Give Greece a chance
2. Extremism from a bygone era
3. Scientists expand excavation of ancient Amphipolis
4. Greece paralyzed by major strike, flights cancelled
5. Piraeus nightclub shooting leaves 3 seriously injured
6. Coscos Greek unit adds multinational rail-freight client
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.