Government approves steps for creation of development bank, hydrocarbon exploration

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The government council for economic policy approved on Thursday the next steps for the creation of a Greek development bank and a proposal by Energy and Environment Minister George Stathakis to explore and utilize hydrocarbons.

Chaired by government Vice-President Yiannis Dragasakis, the council approved a timeline or the setting up of the Hellenic Development Bank SA and its field of operation. Its main function will be to fund infrastructure projects, small and medium-sized businesses, start-ups, projects of regional development and exporting businesses.

Regarding the exploration for hydrocarbons, the council said it will maintain the types of concession contracts included in the existing institutional framework – ie both the Lease Agreement and the Production Share Agreement (PSA)- however the lease agreement is currently seen as the most appropriate.

ANA-MPA