Greece and Qatar Friday signed a framework for the Gulf emirate to make investments in the debt-strapped country worth $5 billion over the next few years, the government said.
Greece
and
Qatar
Friday signed a framework for the Gulf emirate to make investments in the
debt-strapped country worth $5 billion over the next few years, the government
said.
The memorandum was executed in
New York
by
Harris Pamboukis, who is the Greek minister of state in charge of securing and
speedily implementing investments, and by Ahmad Al Sayyed an executive of the
Qatar Investment Authority.
"The memorandum shows the serious interest of the international community
to make investments in
Greece
now
that it has a stable, credible and effective government," Prime Minister
George Papandreou said on national television channel ANT1.
Greece
and
Qatar
are
expected to set up a joint committee to identify possible investment projects
in tourism, real-estate development, infrastructure, finance and energy.
However, no specific projects have been identified by the two states at this
initial stage.
The socialist government of the cash-strapped Mediterranean state is working on
an investment "fast track" law in the hope of attracting large
investment projects to pull itself out of recession and reverse the trend of
rising unemployment.
The Greek economy is expected to contract by 4% of gross domestic product this
year and unemployment is already at 12%. That is due in part to the
implementation of fiscal consolidation and unprecedented austerity cuts
demanded by the International Monetary Fund and the European Union in exchange
for a EUR110 billion bailout.
In May,
Qatar
and
Greece
signed another non-binding memorandum for the construction of a liquefied
natural gas terminal and a power station at the western Greek port city of
Astakos
.
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