The Greek Balkan Economic Reconstruction Plan will be reactivated, following three years of delay due to economic, institutional, technical and political weaknesses, the Greek Foreign Ministry announced on Monday.

The ministry said in a statement that the absorption rate of the total plan amounting to 550 million euros (649 million US dollars) has increased from 2.4 percent to 10.4 percent in the past months.

"As regards private investments, 100 percent of capital concerning Bulgaria has been absorbed, 95 percent concerning Romania, 75 percent concerning Albania, 16.5 percent concerning FYROM (the Former Yugoslav Republic of Macedonia) and 6.5 percent concerning Serbia-Montenegro," the statement said.

As for major projects, the implementation of the first one, the Greece-Bosnia-Herzegovina Friendship Building in Sarajevo has already begun. The building will house the country's central government.

The Axis 10 road corridor, which will link the cities of Thessaloniki, Skopje and Belgrade with central Europe, is being planned with joint financing by the European Investment Bank.

"We have renegotiated with almost all the Balkan countries the priorities of the National Balkan Economic Reconstruction Plan, raising for the first time the element of the reciprocity of the projects for both our national strategy and our national economy as a criterion as well," the statement added.

Source: Xinhua