Greece and EBRD on Monday signed a memorandum of understanding (MoU) on the management by the European Bank of Reconstruction and Development of loans worth 1.0 billion euros to finance private investments in Greece as part of the Recovery Fund.

The MoU was signed by Alternate Finance Minister Theodore Skylakakis and Charlotte Ruhe, managing director for Central and Southeastern Europe. It is the second similar agreement signed between the Finance ministry after the one with European Investment Bank (EIB) for the management of loans worth 5 billion euros. Today's agreement signals the rapid start of a loan programm to create significant private investments in Greece, the Finance ministry said in an announcement.

Skylakakis said these new investments will facilitate the country's transition towards a green and digital economy and will help to achieve higher growth rates, creating new job positions in the coming years.