“Funds channeled to the economy are several times more compared with the initially available funds,” Costas Galiatsos, president and managing director of the National Entrepreneurship and Development Fund (ETEAN) said in an article to ANA, publishing a report on the first implementation of the new financial tools for the period 2013-2016 and announcing that the new financial instruments of the next period.
As noted, an absorption rate of 105.4 pct of the Entrepreneurship Fund (TTPIC) has been reached since the previous programming period ended in January 2017. “Due to the leverage of funds, it is possible to achieve leverage ratios above 1,” Galiatsos said.
“It was the first time at European Union level that the resources available from it are being managed through funds. Consequently, the report for the period that ended is tantamount to assessing the implementation of these newly created financial instruments for the first time,” Galiatsos noted.
ETEAN is a financial institution, that is a supplementary entity in the overall financial system (banking system and capital market). Its resources come mainly from the Public Investment Budget and the Structural and Regional Funds of the European Union.
New financial instruments
The final conclusion, according to the president, is that experience from the first implementation of new financial instruments is very positive, especially during the recession period of 2013-2016, when they were implemented. The issue now is to use this experience to design them in the most efficient way for the next period, which will be a period of economic growth. To this end, ETEAN has requested the views of Hellenic Bank Association, the Association of Cooperative Banks of Greece, the General Confederation of Professional Craft Traders in Greece (GSEVEE) and the Hellenic Confederation of Commerce and Entrepreneurship (ΕSEE). The views of the above bodies are being elaborated with the help of the Ministry of Economy and Development for the final formulation of the new financial instruments.
The most important of the new financial tools, managed by ETEAN, are the Entrepreneurship Fund (TEPIC) and the Home Savings Fund (TAXIC).
“This is the first major difference between the new financing instruments and the old ways of using European Union funds: Due to the recycling of funds, it is possible to achieve absorption rates above 100%. This can not be achieved by any other way of allocating funds (eg subsidy),” Mr. Galiatsos said.
The Fund’s capital -channeled to Greek small- and medium-sized enterprises totaled 392.1 million euros. In addition to that, 453.6 million euros was made available by banks (as part of the co-financed loans) and 11 million by enterprises.
Read more here.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations , Greek travel market, Greek tourism statistics, Greek tourism report
