The most important task currently facing the Greek government is to quickly boost the country’s economy. In addition to implementing a strict fiscal and reform plan, which essentially represents a very tight austerity policy, there is also a need to create important economic incentives for investors, particularly to promote domestic investment.
One of the most important instruments in this regard is the provision of funding of all kinds. In combination with the other crisis-related factors that genuinely favor every domestic or foreign investor, this instrument is intended to facilitate the realization of investments.
In this area, Greek governments have already introduced relevant legislative acts for several years, which have been effectively implemented in practice. Changes in the form of disbursement, particularly the possibility of prepayment of the subsidy amount up to 100% even before the investment begins, provided the corresponding conditions are met, have also noticeably improved the conditions for the implementation of an investment and thus significantly simplified the execution of investments.
Examples of the aforementioned funding programs include:
- The Investment Promotion Law 3299/2004 for the granting of subsidies
- The Amendment Law 3908/2011
- The Investment Law 4146/2013
- The so-called Fast Track procedure for accelerating major investment projects
- The ESPA programs 2014 – 2020
- The ETEAN SA program for issuing bank guarantees in favor of medium-sized, small & and very small enterprises
The adoption of two new, important investment funding programs is also currently expected:
- The continuation of the Investment Development Law, as well as
- The new ESPA programs.
The launch of both funding programs is expected at the beginning of 2016. These laws will once again create the possibility of subsidies for most business sectors. The framework conditions