Greece signs MoU with EIB for growth fund contribution

Greece signed a Memorandum of Understanding with the European Investment Bank Group (EIB) on Tuesday regarding the latter’s contribution to the soon-to-be established Institution for Growth in Greece, IFG.

The IFG aims to promote growth, innovation and the creation of jobs through short and long-term debt and equity capital to small and medium-sized enterprises in Greece, as well as a number of infrastructure projects.

The agreement was signed by Development Minister Costis Hatzidakis and EIB President Werner Hoyer in the presence of Greek Finance Minister Yannis Stournaras.

“This agreement underpins our strong commitment to Greece,” noted Hoyer. “As the EU bank, we are natural partners in the country’s recovery efforts, for which we provide continuous and effective support. We are determined to enhance our cooperation with the Hellenic Republic, other European development finance institutions and private investors in further assisting recovery in Greece. Our cooperation, based on our comparative advantages, will help to avoid duplication of resources and maximise the impact for the benefit of the Greek citizens.”

Germany’s state-owned KfW bank is set to contribute 100 million euros to the institute following an agreement signed earlier this month, while the Onassis Foundation has also pledged 30 million euros to the new fund.