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Greece to establish development bank

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Greece to establish development bank

Greece will establish a development bank that funds infrastructure projects, start-ups, small businesses and export-oriented companies, Reuters reported Aug. 4, citing a statement from the country's economic policy council.

Known as the Hellenic Development Bank, the lender will coordinate with commercial banking to fund growth and regional projects. Other state entities will be looked to for funding and to help the development bank work with international bodies, the report noted.

"The goal is to endow the bank with the necessary funding and assets so that it can perform its role. Its founding will fill a gap in the country's funding gap," according to the statement.