Institutions give green light for establishment of Development Bank

The procedures for the establishment of a Development Bank started as the institutions gave the relevant approval on Monday. According to Finance Ministry sources the bank’s funding will not come only from national sources but eurozone’s development banks will also participate while in order the operation of the bank to start as soon as possible there will be technical support from four other similar banks. The German KFW, the French National Development Agency, the Cassa Depositi e Prestiti from Italy and the British Business Bank are the four banks that will offer their support. Economy Minister Dimitris Papadimitriou is planning to visit Germany in the following weeks to discuss the matter with KFW officials. The Greek Finance Ministry aims the development bank to become an ‘umbrella’ which will include organisations subject to the Finance Ministry which are responsible for the strengthening of the extroversion and the attraction of investments. Moreover, under the bank’s umbrella will be the EU funds and Finance Ministry’s advisory services. The bank will be linked with the national, European and interbank funding without however taking any risks for the state funds. Greece was the only eurozone country without a development bank.