EU Endorses Disbursement of €3.6bn in Recovery Funds for Greece

Photo source: ec.europa.eu

The European Commission approved this week the release of a third payment totaling 3.64 billion euros to Greece under the Recovery and Resilience Facility (RRF).

The Commission said Greece had successfully implemented its 39 milestones and four targets. Of the 3.64-billion-euro total, 1.69 billion euros concern grants and 1.95 billion euros loans.

Greece was among the first countries to request its financing package and to submit its national plan dubbed “Greece 2.0”, a revised version of which was approved last week.

The Commission said Greece had successfully implemented its 39 milestones and four targets.

An ECOFIN (Economic and Financial Affairs) Council to convene on December 8 is expected to give the final green light to the disbursement of the 3.64-billion-euro tranche and to Greece’s national recovery plan.

The Hellenic Parliament, Syntagma Square, Athens.

Greece’s request for grants covers investments in the areas of electromobility and charging infrastructure for electric vehicles, the launch of projects relating to energy-efficiency enhancing renovations in residential buildings, the digitalization of public administration, and the uptake of fiber optic infrastructure in buildings.

Additionally, they cover a series of reforms aimed at enhancing efficiency in public administration, including the establishment of a multi-level governance system that will streamline the allocation of responsibilities between central, regional and local authorities, and intensifying the fight against corruption and smuggling.

Other reforms concern addressing weaknesses in urban planning, upskilling for employees and those unemployed, establishing a regulatory authority to enable a more rational and effective waste management system and a more sustainable management of water resources.

Photo source: www.greece20.gov.gr

The reforms also introduce fair and transparent procurement for public urban and regional passenger transportation services and improve the regulatory framework for industrial parks.