World Bank to invest in Greek projects
WASHINGTON – After almost a year of waiting because of political and economic uncertainty, the World Bank is in Greece to support investments and through them the growth of Greek economy.
Officials from its investment arm, the International Finance Corporation (IFC), have arrived in Greece seeking investment opportunities in infrastructure, energy, logistics and the credit sector. Kathimerini has learned that the IFC is even considering whether to participate in the recapitalization of Greek banks, a move that would lend the effort some prestige and inspire confidence among private investors.
The IFC decision to take an active role in Greece was reached last December but implementation was put off until the country’s future in the eurozone and its participation in the European Bank for Reconstruction and Development became clear – given that the IFC will be cooperating with the EBRD in Greece.
The decision was actually taken in defiance of the IFC’s charter, which provides for investment only in developing nations, hence it will have a limited presence. It will follow the pattern of investments in South Korea after the Asian crisis, a precedent that helped toward the decision in favor of investing in Greece.