Brussels and Athens on Thursday launched a fresh fund worth 260 million euros (272.3 million U.S. dollars) for Greek businesses.

The fund was part of an ambitious investment plan of the European Union (EU), aiming to boost local growth in the debt-ridden Greece.

It comprises 200 million euros from the European Regional Development Fund and 60 million euros from the European Investment Fund resources, including up to 10 million euros under the European Fund for Strategic Investments (EFSI), said the European Commission, the bloc's executive arm.

The EFSI is the heart of the Investment Plan for Europe, a project which amounts to 315 billion euros to shore up Europe's investment amid years of lackluster growth across the continent following the global financial crisis and the European debt crisis.

Greece is expected to distribute the fund to Greek SMEs and starts-up.

The fund "will give a boost to innovative businesses in the country and help them access new markets," EU Commissioner for Regional Policy Corina Cretu said. Endit

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