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10 July, 2001
Greece's GDP will increase by 6 per cent in real term and investment will increase by 20 per cent, following the conclusion of projects funded by the European Union third community support framework fund, the European Commission announced on Monday.
A report published on Monday by the Commission, entitled "the results of planning of the structural funds for the 2000-2006 period", details the results of the negotiations between the Commission and the national authorities of every country that will receive funds from the specific programs.
The first phase (target 1) includes countries that have a per capita income of less than 75 per cent of the Union's median. These countries are Greece, Spain, Portugal and Ireland.
The Commission expects that with the successful conclusion of these projects a significant progress will be made toward the real convergence of the Union's economies, with the positive developments in the sectors of job creation and productivity, with Greece and Portugal being those that stand to benefit the most.
The total budget for target 1 projects in Greece for the 2000-2006 period is 44 billion euros, of which 21.3 billion will be funded by the European Union.
Source: Athens News Agency