Greece will set up development bank to finance infrastructure projects

Greece will set up development bank to finance infrastructure projects

Greece is on the verge of setting up a development bank to finance startups, infrastructure projects, small businesses as well as export oriented companies, as the government's economic policy council informed on Friday.

The Hellenic Development Bank is going to be a state lender, which will complement commercial financial institutions to assist to fund surge as well as regional projects.

The bank will look for the participation of other state entities with adequate funding capacity to participate in its share capital and also cooperate with international financial institutions.

Greece's economy, heavily affected by the country's debt crisis, is currently struggling to revive after a multi-year deep downtime.

Other European development banks have been providing funds for investments. For instance, the European Bank for Reconstruction and Development is going to pump funds in Greece until the end of 2020 and actually hopes by 2018 its funding will hit the 2.0 billion euro mark.

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