Greek Development Min Announces Package of Six Financial Instruments

Minister for Development and Investments Adonis Georgiadis. (Photo by Eurokinissi/Christos Bonis)

ATHENS – Development and Investments Minister Adonis Georgiadis on Wednesday announced a package of six financial instruments as part of the second set of financial measures to tackle the effects of the spread of coronavirus.

The minister emphasised that all measures are related to preserving jobs.

Before announcing the measures, he stressed that the market was normalised and added: “We will all come out of this crisis and no one will be left behind, we are all judged, government, business, working citizens.”

The measures announced are the following:

1. An amount of 800 euros will be granted at the beginning of April to the self-employed for the period March 15-April 30.

2. An interest rate subsidy for up-to-date business loans for 3 months for the sectors of the economy that are directly affected by the coronavirus. Should the crisis continue, the measure may be extended further. In consultation with the banks that have already announced it, the payment of such debts is postponed until 30/9/2020.

3. In consultation with the European Commission, for the start-up period of the economy, a guarantee mechanism for lending to small and medium-sized enterprises, up to 3 billion euros, will be launched.

4. The European Investment Bank will provide banks with liquidity for new business loans of 2 billion euros.

5. In cooperation with the European Investment Bank Group, a guarantee mechanism for loans of up to 500 million euros shall be established.

6. The Entrepreneurial Fund of the Hellenic Development Bank is simplified and its resources are increased by 250 million euros to provide new loans to corporations affected by the coronavirus, with a 100 percent interest rate subsidy for two years.

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