EBRD approves lending to Greece until 2020

ebrdThe European Bank of Reconstruction and Development (EBRD) has cleared the provision of cheap aid and funding support until the end of 2020 to Greece, EBRD President Suma Chakrabarti told a news briefing on Tuesday.

The former Greek government put in a request late last year to become an EBRD “country of operation” and make it eligible for the development bank’s support, but the process was put on hold during the uncertainty of the country’s recent elections.

However last week’s four-month Greek aid extension by the euro zone has put it back on track and EBRD shareholders – 64 countries plus the European Union and European Investment Bank – unanimously back the proposal on Friday.

Chakrabarti said there would be no upper limit for the loans to Greece but that the amount would depend upon the projects proposed.