Independent Balkan News Agency

IFC: USD 659 million long-term contribution to Greek companies in June 2017

IFC: USD 659 million long-term contribution to Greek companies in June 2017

The IFC long-term investment contribution to Greek companies in June 2017 was 659 million dollars, according to a report by the World Bank.

It is worth noting that the IFC Council, member of the World Bank, approved in May 2015 its activity in Greece by 2020, focusing on infrastructure, the financial sector and small and medium-sized enterprises. Strengthening the financial system, stimulating access to funding, mobilising private investment in infrastructure to improve efficiency and supporting greater competitiveness of Greek companies is the strategy of the IFC, as mentioned in the report.

Participation in Greek Systemic Banks

It is reminded that IFC participated in the recapitalisation of Greek banks, allocating EUR 60 million for its participation in Alpha Bank, EUR 50 million for its participation in Eurobank and EUR 20 million for its participation in Piraeus Bank and the National Bank of Greece Bank while actively participating in the governance of banks as a member in their board of directors. IFC has also allocated EUR 308 million in commercial credit lines to National Bank, Eurobank and Alpha Bank as part of the international trade finance programme. In addition, it invested EUR 75 million in National Bank-covered mortgage loans.

Investments in Greek businesses

Furthermore, an investment of EUR 169.84 million was made by the World Bank's subsidiary at Fraport - Regional Airports in Greece to privatise the 14 regional airports. Another investment by IFC of  EUR 50 million at Grivalia Properties was made as part of its 100 million, to finance renovations, upgrade green buildings and move on to acquisitions in the food retail and supply chain management sectors. IFC also participated with $ 4 million in the capital of Hellas Direct.../IBNA

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