May 20, 2019 / 10:04 AM / a year ago

Czech banking association welcomes development fund plan

PRAGUE (Reuters) - The Czech Banking Association said on Monday it welcomed a proposal to create a national development fund to help invest in social issues, education, transportation or the economy’s digitalization.

It said it would aim to help establish the fund as soon as possible and that its functioning would depend on the amount of funds that banks contribute. The fund should be an independent, fully professional institution, the association said.

Earlier on Monday, Prime Minister Andrej Babis, who has proposed the fund, said big banks have agreed in principle on starting capital of 6 billion Czech crowns ($259.92 million) for the fund.

Reporting by Jason Hovet

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