Saturday October 25, 2014 Search
Weather | Athens
19o C
12o 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 Germany’s KfW. The fund will refinance existing loans and issue new credit to SMEs.

Finance Minister Yannis Stournaras laid out the new fund’s activity on Thursday, stressing the significance of KfW’s 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 fund’s capital will be utilized further as the French government has expressed its determination to participate through the country’s Deposits and Consignments Fund or its Public Investment Bank, while KfW’s 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 fund’s governing board, nor a majority stake,” as the main target is to attract investors. In fact, sources said that KfW will undertake the fund’s 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)  
TAIPED waits for green light from Eurostat
Trade deficit shrinks on big drop in imports
SMEs unable to claim subsidies
Taxes kept growing in second quarter
Athens, Nicosia satisfied by EU leaders´ stance toward Ankara
A reference in Friday’s European Council conclusions calling on Turkey to respect Cyprus’s sovereign rights left Athens and Nicosia content with the outcome of the European Union leaders’ su...
Suspended policeman chief suspect in cousin’s murder
A 27-year-old police officer who has been suspended from duty since 2013 for extortion, is being treated as the chief suspect in a murder committed in a suburb of Piraeus on Thursday. Police...
Inside News
BASKETBALL
A win is a win is a win for Olympiakos
A bad Olympiakos defeated a worse Laboral Kutxa 63-57 to make it two out of two in the Euroleague on Friday. In a game where the two teams had an overall field goal rate of about one in thre...
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
Inside Sports
COMMENTARY
Tension for tension’s sake?
It is evident that Turkish President Recep Tayyip Erdogan feeds off tension. He would barely have achieved as much as he has – and prevailed – if he had not been so keen to confront a series...
EDITORIAL
Testing ground
The Regional Authority of Attica is a good testing ground for politicians who appear to thrive on accusations to prove whether they can actually solve major problems of a practical nature. T...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. A win is a win is a win for Olympiakos
2. TAIPED waits for green light from Eurostat
3. Trade deficit shrinks on big drop in imports
4. SMEs unable to claim subsidies
5. Taxes kept growing in second quarter
6. Thessaloniki Port expects 2014 to be record year
more news
Today
This Week
1. Woman killed in tram accident in Floisvo, south of Athens
2. Clocks to go back 1 hour on Sunday
3. Venizelos slams Turkey for 'flagrant violation of international law' off Cyprus
4. ECB vies for third time lucky in European stress tests
5. ECB bank assessment to show 6-billion-euro capital gap, Citi says
6. Cyprus GDP upgrade seen as boosting bailout exit plans
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Greece’s closed society is central to its current malaise
3. Greece must stick to reforms, says Schaeuble
4. At least 11 banks to fail European stress tests, three in Greece, report says
5. Cyprus to block Turkey's EU talks after EEZ violation
6. Samaras’s crumbling Greek exit lacks backing from economists
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.