MINISTRY OF ECONOMY AND FINANCE

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Presentation transcript:

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

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

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

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…

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

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

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

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

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

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 www.mnec.gr www.ggea.gr www.hellaskps.gr www.ependyseis.gr www.elke.gr