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18 December, 2002
The European Investment Bank (EIB) has approved a package totalling 1,500 million euros to help finance projects for the Athens 2004 Olympics, Deputy Finance Minister Christos Pachtas said on Tuesday.
The government is implementing a series of investments aimed at the games that will also improve the urban environment through infrastructure projects.
Pachtas on Friday signed a contract for 500 million euros, which is a third of the package.
The low-interest loan has a 25-year repayment deadline and a grace period of five years.
Government officials said that the loan was part of the government's annual borrowing program, and not an extra loan.
The EIB is the European Union's long-term financing arm.
Source: Athens News Agency