The Greek government on Thursday announced a program worth 210 million euros (253 million U.S. dollars) to offer financial support to small and medium-sized enterprises (SMEs) in the sectors of manufacturing and tourism.

The program, to be covered by both national and community funds, will offer subsidies ranging from 43-50 percent to investment plans, with SMEs having to cover at least 25 percent of the money needed.

The announcement covers both old and new enterprises and all investment plans covering equipment supply, facilities' improvement and improving product quality.

Presenting the plan, Economy and Finance Minister George Alogoskoufis said the government's main priority was given to SMEs through subsidies, a new development law and a tax reform program.

Under the program, Greek banks will have full responsibility to evaluate, approve and handout money to SMEs, with the Greek state supervising the procedures.

Alogoskoufis said the new program ensures speedier services to enterprises.

Source: Xinhua