Greece has reached an out-of-court settlement with Siemens, which was accused of bribing politicians and state officials in the past to secure lucrative contracts through its Greek branch, Siemens Hellas.
Finance Minister Evangelos Venizelos informed the Cabinet on Thursday that Siemens is waiving the 80 million euros that Greece owed for previous projects. The electronics and engineering giant has also pledged to contribute 90 million euros to public programs to combat corruption and towards good causes.
Siemens also agreed to invest 100 million euros in Siemens Hellas and another 60 million euros in innovation.
The agreement should pave the way for a number of projects, including the extension of the Athens Metro, to be completed.
The out-of-court deal was approved by the Cabinet but also has to get the green light from Parliament.