May 20, 2019 / 9:41 AM / 4 months ago

Banks have agreed in principle on capital for new fund: Czech PM

FILE PHOTO: Czech Republic's Prime Minister Andrej Babis arrives on December 13, 2018 in Brussels for a European Summit. John Thys/Pool via REUTERS

PRAGUE (Reuters) - The biggest Czech banks have agreed in principle to contributing starting capital of 6 billion crowns ($259.92 million) to a proposed national development fund, Prime Minister Andrej Babis told reporters on Monday.

Babis has proposed the fund as an alternative to calls from his junior ruling partner to implement a sector tax on banks, which he has opposed.

Reporting by Robert Muller, writing by Jason Hovet

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