The Board of Directors of the European Financial Stability Facility (EFSF) approved on Wednesday the disbursement of a 1 billion euros loan tranche to Greece.

EFSF board’s decision reflects the Euro Working Group’s recommendation, earlier in the day.

This is the third and final tranche of the total 8.3 billion euros installment which has been already approved by the Eurogroup.

However, given the fact that the multi-bill was passed last week, it should be noted that this process was just a formality.

The Finance Ministry issued a statement in which it noted that EFSF’s disbursement of the latest loan tranche follows the adoption of new legislation by the government regarding “significant structural reforms with important and long-term benefits for the Greek economy”.