Euro zone officials today said they had approved €2.8 billion for Greece from its huge third bailout after the cash-strapped nation delivered the needed reforms. 

After the latest disbursement approved by the European Stability Mechanism, Greece will have received €31.7 billion of the €86 billion bailout granted in July 2015, its third since being engulfed by debt in 2010. 

"Today's decision to disburse €2.8 billion to Greece is a sign that the Greek people are steadily making progress in reforming their country," the ESM's managing director Klaus Regling said in a statement. 

The Greek government has reached milestones in pension reform, bank governance, the energy sector, and revenue collection, according to the director of the ESM, the euro zone body controlling Greece's bailout loans. 

"It has also taken further steps in making the new privatisation and investment fund operational," Regling said. 

If Greece implements more of the reforms under the bailout programme, its economy could "accelerate next year and the government may be able to start issuing bonds again next year," Regling said. 

On October 10, euro zone finance ministers unlocked €1.1 billion for Greece but held back the other €1.7 billion over Athens's mountain of unpaid bills amid doubts from Germany.

The euro zone had demanded more data before approving disbursement. 

Athens is eager to win the latest bailout cash and complete a second review by the end of the year, which would then trigger talks on reducing the country's huge debt load despite reluctance from powerhouse Germany.