The Greek Ministry of Development stated that after simplifying the application process for businesses, the country has exceeded its target for utilizing EU co-financing.
Government data shows that the amount of co-financing utilized by Greece is 710 million euros higher than the target of 3.89 billion euros. Reaching this target was one of the prerequisites for the EU/IMF bailout of Greece.
The country's economic growth rate is expected to rebound to 0.6% this year. A six-year economic recession previously forced thousands of domestic businesses to close, pushing the unemployment rate to record highs.
Greek Minister of Development Kostis Hatzidakis stated that Greece must ensure it qualifies for 5.5 billion euros in EU funds in 2015. The current EU co-financing program is valued at 20.5 billion euros.
He stated in a press release that "the absorption rate of funds is even higher than the most optimistic estimates previously made."
Hatzidakis noted that Greece has shortened the approval process for co-financed projects and restarted 7.6 billion euros worth of toll road projects in December, which had been stalled for three years.
He said: "(This program) alone cannot solve the problems facing businesses and the economy," "but it can serve as a catalyst for economic recovery." 
