YEREVAN, September 13. / ARKA /. The European Investment Bank began immediate allocation of up to 750 million euros ($966 million) to the crisis-hit Greek economy, RIA Novosti reported citing the Greek finance ministry.
The agreement was signed earlier Thursday by EIB president Werner Hoyer during a visit to Athens and the Greek Finance Minister Yannis Stournaras. The money will be invested in various sectors such as energy, education, transport and small businesses.
The ministry said small businesses will absorb about EUR440 million from the total package.
“This is an important movement that brings money into the real economy at a time when liquidity crunch has caused suffocation in the market,” Mr. Stournaras said.
In July, the Greek ministers of finance and development said the EIB would pump EUR1.4 billion in Greece by 2015. They have also announced that a guarantee fund for small and medium businesses, created in March, will be supplied with EUR600 million by next January. This sum will increase to EUR1.0 billion by December 2013 and to EUR1.44 billion by 2015. The EIB will also help Greece complete several highway projects whose construction has been suspended in recent months by private contractors. -0-
