Greece, France sign memorandum on Greek Development Bank

A draft law setting up a Greek Development Bank will be tabled in Parliament by the Greek government within the next few weeks, Economy and Development Minister Dimitri Papadimitriou said on Friday after Greek and French authorities signed a memorandum of cooperation to offer technical assistance in the project.
The memorandum was signed by Nicolas Dufourq, cabinet minister and CEO of the French Development Bank, in the framework of French President Emmanuel Macron’s official visit in Athens.
“Today, an important step towards setting up a Greek Development Bank has been made with the signing of a memorandum of cooperation with the French Development Bank. As I have stated before, the Greek Development Bank will offer new financing tools to the economy, mostly to small- and medium-sized enterprises, which will give even greater impetus to growth,” Papadimitriou said.
The memorandum envisages the offering of technical assistance from the French side in drafting the strategy and business plan of the bank, developing risk management tools, designing special loan products to cover the needs of SMEs not covered by commercial banks, funds to acquire intellectual rights, creating government and non-governmental tools of supporting SME (subsidies, guarantees, etc.).
It also envisages the funding of French SMEs in promoting partnerships with Greek enterprises with the aim to create innovative products and services, exploiting existing EU funding tools and the networking of French and Greek startup businesses.