European Investment Bank to Lend EU1.44 Billion to Greek Firms

Greece and the European Investment Bank reached an agreement today for the lender to resume lending to Greek firms and for infrastructure projects, the Athens-based Finance Ministry said.

The EIB will disburse a total of 1.44 billion euros ($1.75 billion) in loans to small and medium-sized businesses by the end of 2015 via Greek banks, the ministry said in an e-mailed statement.

“We look forward to the re-engagement of the EIB in the Greek economy as soon as possible,” especially as the bank’s lending in Greece “fell to a very low level this year of around 10 million euros,” Finance Minister Yiannis Stounaris said following a meeting with EIB chief Werner Hoyer, according to the statement.

The EIB also agreed to support privatizations in Greece, energy and waste management projects as well as foreign investment, the statement said.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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