Greece asks Abu Dhabi for investment

The Greek government has agreed to establish a bilateral working group between Athens and Abu Dhabi, the Greek Ministry of Economy, Competitiveness and Shipping announced on Sunday.

The first meeting of the group will take place in Athens in the following weeks. The two sides will explore the possibilities of economic cooperation and the possible involvement of Abu Dhabi in the Greek Development Fund, as well as the European Investment Bank and other international financial institutions.

“The aim of the Ministry is to strengthen economic cooperation between the two countries to attract investment from Abu Dhabi and the active presence of Greek businesses in the development at the emirate,” according to the announcement.

The Greek Development Fund, which has already been incorporated into Greece’s Stability and Growth Pact, is presented as a key part in the long-term strategy of the Greek government to promote sustainable development.

The ministry said that the Fund is promoted as a financing tool for private sector investments based on new financing models. It will attract investments through international markets and will not compete with the existent banking system and will focus on areas such as green energy, innovative entrepreneurship, biotechnology, technological innovations, and major infrastructure projects.

According to the Greek government’s timetable, the draft bill for the establishment of the Greek Development Fund will be ready for public consultation by this summer.

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