EU Finds EUR7.7Bln In Potential Project Funding For Greece
BRUSSELS (Dow Jones)--A European Commission task force has identified EUR7.7 billion in potential funding for Greece for infrastructure projects and businesses.
The task force, headed by former European Bank for Reconstruction and Development Vice President, Horst Reichenbach, is separate from the troika mission of international lenders now in Athens to check on its economic progress and clear the country΄s next emergency loan tranche. Instead, its mission is to help Greece implement economic reforms and take advantage of available European Union funding.
"Of course, the fact the commission is a member of the troika does give us an advantage in ensuring a consistent approach," said commission spokesman Olivier Bailly.
He said the task force has identified with Greek authorities EUR7.7 billion in "sleeping projects."
"We don΄t have any specific indications as to how we are going to use this EUR7.7 billion," Bailly added, and the projects still need to be identified and approved.
The money is part of EU funds already allocated to Greece through 2013, but because of the crisis and complicated bureaucratic structures in Athens, it has been difficult for the government to tap the financing.
"That technical know-how is not necessarily always available in Greece," said Bailly.
He said the aim of the EU΄s efforts is to help businesses develop and promote projects that lead to job creation. It will deliver its first report by the end of October.