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New development bill to be unveiled Tuesday

Δημοσίευση 4 Δεκεμβρίου 2010, 11:01 / Ανανεώθηκε 27 Ιουνίου 2013, 14:55
New development bill  to be unveiled Tuesday
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The new draft development law will be unveiled at a Cabinet meeting on Tuesday, regional development and competiti-veness minister Michalis Chryssohoidis announced on Friday, addressing a CEO SUMMIT conference titled "Viable Hope - Creating the future, not predicting it".

The new draft development law will be unveiled at a Cabinet meeting on Tuesday, regional development and competiti-veness minister Michalis Chryssohoidis announced on Friday, addressing a CEO SUMMIT conference titled "Viable Hope - Creating the future, not predicting it".

The new law will be activated in the first quarter of 2011, and will combine a series of reinforcements such as tax exemptions, low-interest loans and subsidies of the initial capital, in accordance with the individual developmental targets.

The tax exemptions aim to boost viable investment plans with secure profit prospects, while there will be special provision for young entrepreneurship.

Chryssohoidis said the new law will introduce pioneer, for Greece, procedures of objective criteria and transparency in the assessment of the investment plans.

The national plan for development, which is based on encouraging both public and private investments, further provides for doubling of the absorption rate of the National Strategic Reference Framework (NSRF, or ESPA in Greek) to 35 percent, the establishment of a National Entrepreneurship Development Fund (ETEAN) through which more than 2.5 billion euros will be allocated over the next two years, and utilisation of the Public and Private Sector Collaborations (SDIT) and European Investment Bank (EIB) knowhow for promoting small and medium size developmental projects in municipalities and peripheries.

The minister further stressed that only if some temporary and short-term privileges and benefits are put aside for the sake of a long-term economic growth and prosperity can there be viable hope in Greece.