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MINISTRY OF ECONOMY AND FINANCE

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Presentation on theme: "MINISTRY OF ECONOMY AND FINANCE"— Presentation transcript:

1 MINISTRY OF ECONOMY AND FINANCE
SECRETARIAT GENERAL FOR INVESTMENTS & DEVELOPMENT Access to finance for SMEs in Greece : past experience and perspectives under Jeremie Christos L Kontogeorgos Advisor to the Secretary General October 2007

2 The economic environment in Greece
Stable macroeconomic environment Economic policy of gradual adaptation with the aim to achieving Real convergence

3 Program of structural reforms
Entrepreneurial incentives Business regulatory environment New legislation with the results being Income increasing Private investments increasing Investment environment R&D, innovation, ICT, education and training

4 The strategic approach of the NSRF 2007-2013 with emphasis on Innovation and Entrepreneurship
Strategic objectives: Innovation, digital convergence and R&D Investments in human capital Self-knowledge… Confidence… Ambition…

5 The importance of SMEs in Europe
Main tool for sustainable growth and creation of new jobs 99% of all private enterprises 100 million employees

6 Overview of the SME Environment in Greece
98% of total Majority of jobs – 87% Difficulty to access the financial system though Increasing financing needs

7 Financing opportunities for SMEs
New Investment Law Increasing employment & improving competitiveness Boosting entrepreneurship & fostering technological change Achieving regional convergence Simplifying complex procedures Granting Aid through OPs of the CSF Reduction of bureaucracy Simplification and acceleration of procedures Limiting the role of the public sector Assigning responsibilities to the banking sector

8 New financing instruments
JEREMIE “Joint European REsources for MIcro to medium Enterprises” Revolving nature Leverage effect Improve efficiency (Fund of funds)

9 New financing instruments
JEREMIE Potential products include: Micro – finance Guarantees TT, IP, R&D funds Seed capital funds Securitization

10 www.mnec.gr www.ggea.gr www.hellaskps.gr www.ependyseis.gr www.elke.gr
MINISTRY OF ECONOMY AND FINANCE SECRETARIAT GENERAL FOR INVESTMENTS & DEVELOPMENT

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