Strong cash injection worth 11 bln euros to the Greek economy in 2016

The Greek government will offer a “strong cash injection” worth 11 billion euros to the real economy this year as part of a plan to create a new model of sustainable growth through attracting investments “that will leave a remarkable development and social print”, Economy, Development and Tourism Deputy Minister Alexis Charitsis said in an interview with “Ethnos” newspaper.

Charitsis said that 10 billion euros were part of a public investment program and the remaining 1.0 billion from creating three new funding tools “focusing on small- and medium-sized enterprises that will be activated this year”. These tools are a Holdings Fund Platform, a new Entrepreneurship Fund and new “Saving at Home” program. The deputy minister said that the 1.0 billion euros coming from state funds will be multiplied with the leverage of private capital, while another two significant tools will follow in the first quarter of 2017: a new Infrastructure Fund and a Micro-credit Fund.

He added that government authorities were working continuously to create the necessary investment climate through interventions on regulatory and financial level.

Charitsis said that by the end of 2016, ministry authorities will launch invitations for community-funded programs, covering more than 50 pct of funds (10 billion euros), ranking Greece among the top positions between EU member-states in absorption rates. He noted that a full implementation of a public investment program, worth 6.75 billion euros, and repayment of state arrears worth 3.5 billion euros, will support the real economy this year.