“Greece has made significant steps forward but there’s a long road ahead to exit the recession tunnel, despite the fact we can see light ahead,” Johannes Hahn, the EU Regional Policy Commissioner said this week.
Speaking in Athens during the signing of an agreement to set up a Guarantee Fund for small and medium sized enterprises (SMEs), Hahn emphasised that the forthcoming general elections in the country should not become a hurdle in implementing funding programs agreed to help economic recovery.
“There are changes, steps are being made, but more things are necessary to support the policies of the Greek government,” he said referring to combating bureaucracy, restructuring public administration, accelerating major work projects and speeding up justice procedures, noting that many investors hesitate in investing in Greece.
“Greeks can count on the European Commission and me personally,” Hahn said.
Greek banks play a strategic role in the success of a Guarantee Fund, Development, Competitivenes and Shipping Minister Anna Diamantopoulou and European Investment Bank’s vice-president Plutarhos Sakellaris said. The Greek minister urged bankers and banks to proceed, giving priority to the disbursement of funds earmarked to supporting SMEs, saying this activity was a national need.
The Guarantee Fund, will begin operating in a few weeks and will use community funds, up to 500 million euros, which will be leveraged by the European Investment Bank offering at least 1 billion euros to Greek SMEs by the end of 2013. The Fund will offer new capital for investments and working capital to SMEs, with priority given to enterprises already included in structural funds programs. EIB offered funds to 1,600 Greek SMEs and the program will become a model for use to other EU countries, first in Portugal.
Hahn said the European Commission will announce a program aimed at speeding up progress in major works on April 16, while Diamantopoulou underlined the need to boost liquidity in the market.
Source: Athens News
