KfW Bank plans to offer 100 million euros to the Institution for Growth in Greece.
The agreement was signed in Athens today, by KfW Senior Vice-President Dr. Lutz-Christian Funke, Greek Development Minister Costis Hatzidakis, with Greek Finance Minister Yannis Stournaras present.
The Institution for Growth in Greece's goal is to grant local lenders with investing revenues in medium-sized businesses, with low-interest rates. The Institution is also predicted to back infra-structure strategies, that are not associated with European Investment Bank programs.
The European Investment Bank will most likely contribute to the organization. The Onassis Foundation has already pledged 30 million euros to the fund. The Hellenic Finance Minister commented that the recent agreement between KfW Bank and the Institution for Growth in Greece, served as a "catalyst" for future investments.