The funding under the grant procedure with the amount of EUR 900 million. euros from the Public Investment Programme (PIP) of the New Economy Development Fund (NEDF), which avoided sudden death after increasing its share capital and repaying its debt to the IRS, approved at the end of 2018 the Ministry of Economy & Finance Development .

900 million Euros to TANEO - Distribution

from 900 million euros, funds amounting to 700 million euros transferred from the EDP to TANEO will be directed to the following projects:

• Amount 50 million euros for the grant for participation in newly established venture capital schemes that will invest in Greek research and development companies in the field of technology of the 4th Industrial Revolution
• An allocation of 50 million euros for the grant for participation in investment schemes aimed at the development of companies producing and promoting branded products "Made in Greece".
• Amount 150 million euros for the grant for participation in investment schemes aimed at supporting companies in need of restructuring / reorganization and active in production and processing – EPANODOS
• An allocation of 450 million euros for a grant for participation in newly established venture capital schemes that will invest through convertible bonds and bonds with the right of withdrawal in small and medium-sized enterprises – Debt Fund".

In addition, with 200 million euros TANEO was subsidized in early December for the implementation of co-investments under the Memorandum of Understanding signed between the company and "Mubadala Investment Company". The New Economy Development Fund in cooperation with Mubadala Investment Company (the state investment agency of the United Arab Emirates) intends to implement a co-investment programme totalling EUR 400 million. euros to Greek companies. Investment priority will be given to companies operating in the tourism,tourism and health , the food and energy . The co-investment will take the form of equity participation in the companies and will range from €8 million to €50 million.

Increase in share capital

As far as TANEO is concerned, it seems to have avoided sudden death. Its share capital was increased by €73.3 million. last April, in order to repay its debt to the Tax Office of the Athens Fae, and to convert the 900,000 preference shares of the Ministry of Finance with a nominal value of 50 euros each (i.e. a total value of 45 million euros) which were considered as a liability to the liabilities, into an equal number of ordinary voting shares. Thus, the share capital amounts to 119,300,000 euros, of which 62.28% is held by ETEAN S.A. and the remaining 37.72% by the Ministry of Finance.

These decisions had been preceded by an extraordinary audit carried out by the SOP, 'without any outstanding issues and obligations or commitments of the Fund that could create a question of bankruptcy or legal involvement of the Fund'. TANEO SA", as stated in the 2017 financial statements, which were posted on the TANEO website on November 19, 2018.