ECONOMY

Institution for Growth to begin funding in fall

The first disbursements of funds to small and medium-sized companies by the Institution for Growth in Greece (IfG) will take place round September, Development Minister Costis Hatzidakis told German daily Handelsblatt in an interview published on Friday.

According to the newspaper, companies eligible for the up-to-1 million euros loans will employee up to 250 members of staff and have an annual turnover of up to 50 million euros.

The Greek fund is being developed in association with Germany’s state-owned KfW development bank, with each side contributing 100 million euros.

The European Investment Bank has pledged 50 million euros, while the Onassis Foundation has also pledged 30 million euros to the fund.