These funds are already being utilized, and a
special system for monitoring these financing
flows is being created. And what is the reason for
creating such a system, in collaboration with the
EIB? To make sure that the money is actually
being channelled to the market, to the real bene-
ficiaries, to the so-called real economy.
At the same time, given that the facilitation of for-
eign trade is also one of our objectives, and
based on an agreement reached with the
European Investment Bank and the recent assur-
ances from the latter, we are launching, in late
April, a programme for the provision of business-
es with revolving guarantees amounting to €1.5
billion per year. Why? To assist their international
trading activities. And this way we will deal with
another problem we are currently facing: the need
to support Greece’s export activities.
At the same time, the Hellenic Fund for
Entrepreneurship and Development (ETEAN) is
launching an effort to support SMEs through the
“Business Restart” programme, with the participa-
tion of 14 large and small banks and with the aim
of providing the market with working capital loans
totalling €450 million, at interest rates of less than
5%. ETEAN is also contributing, by means of
another lending facility amounting to €316 million,
to the provision of investment loans for targeted
activities, with the participation of five banks.
Apart from the above, ETEAN has also launched
a €90 million programme aimed at facilitating the
issuance of letters of guarantee by banks, which,
as we all know, is a huge problem that has per-
sisted for too long.
In addition, through the €50 million Credit
Guarantee Fund that we are establishing, we will
be able to provide guarantees of up to €150 mil-
lion for the extension of investment purpose, and
working capital, loans. The relevant agreements
with the banks are currently being signed and we
are soon expecting this Fund to become opera-
tional. All of the above amount to a total liquidity
injection of €1 billion by the ETEAN into SMEs.
And, of course, there is also the NSRF that, owing
to the fiscal situation, is one of the economy’s fun-
damental growth drivers.
And I will immediately come to the second pillar of
our effort, which is to exonerate entrepreneurs,
entrepreneurship and competitiveness.
We have adopted new, simpler market and public
health regulations, in order to ensure that more
businesses can distribute their products at more
points of sale, thus enhancing competition, and
we lifted all remaining obstacles, in order to
ensure the full opening of the market for small
and medium tonnage road transport. We are
introducing the new investment law. What does
the law stand against? Red tape. What does it
stand for? Speed and transparency. This new law
establishes a central licensing authority for strate-
gic and private investment, and, as I have said
many times before, I want Greece to stop being a
“red tape” and become a “red carpet” country for
entrepreneurs. This means a friendly attitude and
a willingness to facilitate entrepreneurship. We
have a large-scale privatization effort underway,
which will create new jobs and provide a new
boost to the economy, leading to its recovery.
And, in any case, we continue to pursue a specif-
ic plan of international collaborations, such as
those with the World Bank and the OECD, in
order to deregulate further sectors of the econo-
my, lift barriers to entry and enhance competition
– all in a short period of time. In a nutshell, we are
trying to make the Greek economy competitive,
extrovert and business-friendly. And this effort
also includes the tax system reform that is being
planned for June.
We are working, and we will continue working,
towards establishing the necessary, strong, and
friendly business environment, as well as towards
promoting business partnerships that will lead to
recovery, growth and a better prospect for the
future.
Trade with Greece
7
