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Trade with Greece
41
ments in small PV systems that have already
been constructed.
3. Reappraisal of hundreds of investment plans
that were rejected because some document
was not submitted in due time, owing, howev-
er, to the fact that it had similarly not been
issued in due time by a state agency (e.g. the
Prefecture issued the environmental permit
after 2 years etc.). The State is a single entity,
and must respect citizens.
4. Reestablishment of the Council of Advisors in
the Ministry for Development, Competitiveness
and Shipping, only for cases of aid revocation
or restoration, as well as in regard to compli-
ance with court rulings, in order to avoid court
challenges and work out mutually acceptable
compromises with investors.
5. One-year extension of all deadlines for the
completion of investment plans, irrespective of
which investment law they are subject to.
6. Promotion of the concept of netting, which will
enable the State to receive payment against
debts of private individuals through the transfer
of the debtors' subsidized, or other, assets.
The Guarantee Fund
Providing support to Small and Medium-sized
Enterprises is a national need for Greece, which the
SME Guarantee Fund, a joint initiative of Greece,
the European Commission and the European
Investment Bank (EIB), aims at covering.
More specifically, the Fund will draw total
resources of 500 million euros from the NSRF.
This amount will be leveraged by the EIB at a
ratio of 1:2, providing liquidity of at least 1 billion
euros by the end of 2013.
The purpose of the Fund is to immediately pro-
vide SMEs with investment and working capital,
giving priority to enterprises already included in
structural fund programs. These resources can-
not be used for refinancing purposes, while the
final say regarding the distribution of the funds
lies with the banks, on which the success of the
Fund's operation depends.
The terms of the loans, which can be granted to
both existing businesses and start-ups, are simi-
lar to those of the EIB.
According to the EIB's Vice-President, Plutarchos
Sakellaris, the provision of SMEs with financing is
“key to re-launching growth and strengthening the
competitiveness of the Greek economy”. This
“innovative instrument”, as he calls the Fund, will
support the real economy, will provide the bank-
ing sector with additional liquidity for supporting
SMEs and will significantly reduce their financing
costs.
As stated by Mr. Sakellaris, this program will
become a model for use in other EU countries,
first in Portugal.
It should be noted that, the SME Guarantee
Fund is a revolving fund, which can be re-used
for the provision of SMEs with fresh financing
capital.
More specifically, the EIB shall grant loans of up
to 600 million euros by January 2013 and 400
million euros by the end of 2013, with the aim of
having disbursed total funds of 1.440 billion
euros by the end of 2015.
It should be noted that in case Greece credit
rating is upgraded, the EIB will be able to
increase its leverage ratio.
Which subsidized programs are
underway
1. Investment Law (3908/11): large-scale
investment plans, budgeted at a minimum of
50,000,000 euros, can be submitted through-
out the entire year. Aid intensity: up to 40%.
2. Investment Law (3908/11): synergy and net-
working plans, budgeted at a minimum of
200,000 euros, and aiming at the implemen-
tation of joint action programs. Aid intensity is
set at a maximum of 50%, and the ending
date for the submission of proposals is the
30th of May, 2012.
3. ΙΤC for Growth: development of innovative
services and products based on information
and communications technologies. Plans
with budgets of up to 5,000,000 euros, subsi-
dized up to 80%. Submission of proposals
(first phase): the latest by June 8th, 2012
4. Modernization of road haulage companies,
and establishment of new companies in the
sector. Plans with budgets of up to 180,000
euros, subsidized up to 70%. Submission of
proposals: the latest by May 18th 2012.
5. Leader 123: increase in the value of agricultur-
al and forestry products. Plans with budgets of
up to 500,000 euros, subsidized up to 65%.
The deadlines for the submission of proposals
are set in accordance with the relevant calls
per prefecture (Axis 4).
6. Leader 311: differentiation to non-agricultural
activities. Plans with budgets of up to
600,000 euros, subsidized up to 65%. The
deadlines for the submission of proposals
are set in accordance with the relevant calls
per prefecture (Axis 4).