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Development, Competitiveness, Infrastructure, Transport and Networks Minister Kostis Hatzidakis on Wednesday welcomed the European Investment Bank's announcement of a new trade finance tool providing guarantees of up to 500 million euro for commercial banks to finance the country's international trade.
Hatzidakis noted that the EIB's decision, announced on Tuesday, provided a real solution to the obstacles to exports created by bank liquidity problems. He also stressed that this was the first time the EIB had approved a similar program, which would first be implemented in Greece.
"It is one more answer to the liquidity problem, the climate is gradually improving and the government will continue the effort in this direction," he said. The new financial instrument will be in addition to the EIB's programs for financing small and medium-sized businesses, amounting to 1.44 billion euro by the end of 2015, that are unfolding according to plan, the ministry said.
The EIB programme calls for the provision of 600 million euro by January 31, 2013, a further 400 million euro by December 31, 2013 and the remaining 440 million euro by December 31, 2015.
The new 500-million-euro financial instrument for financing trade announced on Tuesday is added to the above and the amount of the guarantees financed via the specific program is expected to support a volume of transactions in the order of 1.5 billion euro per year, directed at both SMEs and larger businesses.
In addition to the above, the EIB proceeded to make significant disbursements toward the Greek economy in December, financing investments in energy, transport and other areas. These included 200 million euro to finance the national contribution to projects funded under the 2007-2013 National Strategic Reference Framework (NSRF), 148 million euro to the Public Power Corporation (PPC), 30 million euro to the Hellenic Gas System Transmission Operator (HGSTO), 250 million euro to Attiko Metro to build the Thessaloniki metro system and 50 million euro to the School Buildings Organisation.
As a result, the EIB's total contribution to the Greek economy and SMEs in 2012 will reach 908.2 million euro, with the 17.7 million euro given for the Corinth-Tsakona-Kalamata highway. (AMNA)
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