The European Bank for Reconstruction and Development (EBRD) will start investing in Greece in response to a request by Greek authorities for the Bank to support reforms and a return to economic growth. The lender is owned by 64 countries, the EU and the European Investment Bank. The organisation will use its expertise in attracting and encouraging foreign and domestic investment, strengthening the role of the private sector and deepening regional integration.

Speaking in Brussels yesterday (3.03), EBRD President Sir Suma Chakrabarti noted that "We are very happy to be able to apply our particular expertise in the private sector to the Greek economy. The EBRD will be fully engaged to make the most of its temporary mandate in the country. By concentrating on the private sector, we are seeking to actively contribute to the reform and recovery of the country’s economy."

Government spokesman Gabriel Sakellaridis said that the Greek government is pleased with the EBRD’s decision and pointed out that the goal is to attract long-term investments and reduce the cost of lending for small- and medium-size enterprises.