Today, Greece and the European Investment Bank Group ratified a Memorandum of Understanding, concerning the EIB's commitment to the future creation of the Institution for Growth in Greece.
The Institution for Growth in Greece's goals are to encourage innovation, growth and job creation via short and long-term debt and equity, to small and medium sized Greek businesses. The memorandum was signed by EIB President Werner Hoyer and Hellenic Development Minister Costis Hatzidakis, with Greek Finance Minister Yannis Stournaras in attendance.
Of the signing, Hoyer described, "This agreement underpins our strong commitment to Greece...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".
Additionally, the Onassis Foundation has confirmed a 30 million euro pledge to the planned fund, while German state-owned KfW bank has promised a 100 million euro contribution.