(VOVworld) - Eurozone finance ministers have agreed on a new bailout deal for Greece following their 6-hour meeting on Friday after Athens backed the deal. European Commission President Jean-Claude Juncker said new loans of up to 86 billion euros will be made available for Greece over the next three years in return for Greece’s implementation of its committed economic reforms. The new billion-euro loans will be made available by the European Stability Mechanism (ESM). The first tranche under the ESM program will be worth up to 26 billion euros, in which 10 billion euros will be made available immediately for bank recapitalization. The other 16 billion euros will be disbursed to Greece in several installments, starting with a first disbursement of 13 billion by Aug. 20, followed by one or more further disbursements in the autumn. This means Greece will be able to complete its repayment to the European Central Bank as scheduled on August 20.