Greece Gets Third EU Recovery and Resilience Facility Payment: €3.6bn

Photo source: www.greece20.gov.gr

The European Commission on Thursday disbursed payments to Greece and another five Member States under the Recovery and Resilience Facility (RRF).

The Commission paid to Greece the third payment under the RRF, which amounts to 3.64 billion euros (1.69 billion euros in non-repayable financial support and 1.95 billion euros in loans, excluding pre-financing).

On May 16 and November 22, Greece submitted to the Commission the third request for payment for non-repayable support and the third request for payment for loans, respectively, covering 39 milestones and four targets.

Commenting on the news, Greek Alternate Economy & Finance Minister Nikos Papathanasis, responsible for the RRF, referred to “another positive assessment” for the development course of the Greek economy in general.

The Commission gave a positive preliminary assessment of Greece’s request for a €3.64 billion disbursement under RRF on November 29. Source: www.greece20.gov.gr

“The disbursement of 3.6 billion euros for loans and grants is directly linked to the progress of implementing the loan program and critical projects and reforms,” he said, adding that projects include the digitization of state records and the strengthening of the efficiency of public administration.

Other projects include the digital modernization of Citizen Service Centers (KEP), the preparation of urban plans, the establishment of a Waste Management Regulatory Authority and Water resources etc.

“We continue to use every euro on our path to development and with the goal of increasing incomes for all our fellow citizens,” Papathanasis said.

The overall recovery and resilience plan of Greece will be financed by 35.95 billion euros, with 18.22 billion euros in non-repayable support and 17.73 billion euros in loans.

Council of the EU approved the revised recovery and resilience plan of Greece on December 8. Source: www.greece20.gov.gr

Read more on the Greek recovery and resilience plan, known as “Greece 2.0”, here.

The Commission on Thursday also disbursed payments to Germany (first payment for €4 billion), Italy (fourth payment for €16.5 billion), Portugal ( third and fourth combined payment for € 2.46 billion), Slovakia ( third payment for € 662 million) and Slovenia (second payment for € 225.91 million).