Greece needs €20bn to create a Greek investment fund, according to the Oliver Wyman consulting firm, financed by the Onassis Foundation, reports Greek daily I Kathimerini.

This is far short of the €500m start-up capital investment fund launched by the government in July 2012, of which €200m comes from EU structural funds, €150m from a public investment and €100m from the KFW German development bank. The German cash follows an agreement reached during a visit to Athens on July 18, this year by German finance minister Wolfgang Schäuble.

The fund is earmarked to finance infrastructure projects as well as small- and medium-sized firms in a bid to boost growth and employment. It is expected to be created in 2014 and headquartered in Luxembourg.