January 22, 1957

INVESTMENTS PROGRAM: Prime Minister Constantine Karamanlis yesterday announced the public investments program for the new financial year, amounting to 1,900 million drachmas. Apart from this program, the Public Power Corporation (PPC) and Economic Development Financing Organization (OXOA) are also to invest a total of 540 million drachmas over the same period. Karamanlis also released a report on investments over the past financial year which was of 18 months’ duration (July 1955 – December 1956), valued at 1,867 million. During that same period, PPC and OXOA invested 1,032 million. A study of the figures and the projects confirm the priority the government is giving to projects that exploit the country’s natural resources. This year’s program is 656 million drachmas larger than last year’s. The reconstruction program focuses on certain vital sectors instead of being spread out as in the past. The following amounts have been earmarked: 552 million drachmas for irrigation, 415 million for industry, 515 for transport and tourism. Emphasis is also being put on the provinces through newly set up prefectural councils which will administer 180 million drachmas for 4,000 small projects.

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