The agreement was signed in Tbilisi, Georgia, between Economy, Infrastructure, Shipping and Tourism Minister George Stathakis and the bank's representatives.
EBRD's shareholders have voted for the Bank to invest in Greece until the end of 2020. The organisation will deploy its expertise in attracting and encouraging foreign and domestic investment, strengthening the role of the private sector and deepening regional integration. Specifically, the EBRD will help address the issue of insufficient capital for Greek private companies, especially small and medium-sized enterprises. This is a key barrier to growth, where the EBRD can contribute significantly with its equity and commercial debt products.
The EBRD will also engage, where possible, in expanding the private sector's role in infrastructure and energy. Greece is a natural trade and investment partner for many countries in south-eastern Europe where the EBRD has a strong presence. The Bank will support investments and policy measures which are conducive to integration.
EBRD President Sir Suma Chakrabarti said:
"We are very happy to be able to apply our particular expertise in the private sector to the Greek economy. The EBRD will be fully engaged to make the most of its temporary mandate in the country. By concentrating on the private sector we are seeking to actively contribute to the reform and recovery of the country's economy."A Greek Economy ministry announcement said the agreement was of great importance for the Greek economy as it could contribute significantly towards economic recovery in the country and boosting both liquidity to Greek enterprises, mostly small- and medium-sized, and employment.
The EBRD also intends to open an office in Athens.
ANA/MPA
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