The Economic Development Financing Organization (EDFO) was established in accordance with the July 29, 1954 agreement «concerning the abolition of the Central Loan Committee and the founding of the Economic Development Financing Organization», which was concluded between the Hellenic State, the Programs Application Mission of the United States and the Bank of Greece.
The EDFO started operating on August 31, 1954 as a legal entity governed by private law with the object of: a) being in charge of collecting the payments due on loans granted by the AMAG and the CLC, b) granting loans through banks and participating in the capital of private companies, as well as in public utilities, and c) supporting, through lending, the special programmes of the Agricultural Bank of Greece and the National Mortgage Bank of Greece.
Through a new contract, signed on May 17, 1957, EDFO also acquired the possibility of: a) acting as guarantor to productive companies for the import of capital goods, as well as for borrowing from abroad, and b.) representing foreign or international institutions in Greece so that these might directly or indirectly fund productive firms.
The EDFO was closed down when the Hellenic Industrial Development Bank (ETBA Bank) was created on September 16, 1964, which took over its responsibilities.
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