May 22, 2013 / 12:21 PM / 6 years ago

German KfW bank to help set up Portuguese financial body-finmins

BERLIN, May 22 (Reuters) - German state development bank KfW will help establish a Portuguese financial institution to help economic growth and boost job creation in the crisis-stricken country, the finance ministers of Germany and Portugal said in a joint statement.

They said a fall in Portugal’s sovereign borrowing costs had not yet completely fed through to the rest of the economy.

“Portugal is thus one of the countries that will benefit from banking union and other ongoing initiatives to address the excessive cost of bank finance and improve firms’ access to credit, in particular for small and mid-sized enterprises,” Wolfgang Schaeuble and Vitor Gaspar said.

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