Greek government presented on Monday its long-awaited new development framework law, aimed at boosting growth, according to Dow Jones Newswires.
Opposition parties have been criticizing government since last election in September 2009 that in its fiscal consolidation efforts it has ignored the need for economic growth, says the news agency.
“This is a new development initiative to meet the demands of the current crisis to provide much needed liquidity and build the foundations of future growth,” Greek Minister for Regional Development and Competitiveness, Michalis Chrisohoidis, told a press conference at the Ministry of Finance.
The new development law is a significant departure from the previous framework because it doesn’t rely simply on direct state grants but offers tax exemptions, depreciations, leasing subsidies and low-interest-rate loans instead.
However, total incentives may not exceed 50% of the project’s total cost, says the newswire.
“We are changing the ground rules to add transparency and efficiency in the use of funds and guarantees, to create a catalyst for growth,” Chrisohoidis added.
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