Swift payment of €2.1 billion to Greece

Swift payment of €2.1 billion to Greece

Greece can look forward to an advance disbursement of €2.1 billion euros from the Next Generation EU fund, following Wednesday’s approval of the plan by the European Commission, per the statement Brussels issued, and the ratification of the fund’s charter by the European Parliament.

Greece ranks sixth among the 27 beneficiary member-states, as it stands to collect grants of €16.24 billion from the bloc’s recovery fund.

In total the EU Recovery and Resilience Facility is set to disburse €672.5 billion in loans and grants for the support of reforms and investments that member-states undertake. The grants will come to €312.5 billion, with Greece collecting a share of about 5.2%. Most of that will be disbursed this year and next.

The EU chart shows Greece is among the countries that will benefit most in absolute figures, only trailing large states such as Italy, Spain, France, Poland and Germany.

The approved charter concerns the targets, financing and access rules for the recovery mechanism. Funding is retroactively allowed for projects that started as far back as February 1, 2020. The financing will be available for three years and governments can request advance funding of up to 13% for their national recovery and resilience plans. The Commission stated on Wednesday that the advance funding will be disbursed as soon as the national plans are approved, so as to ensure the cash goes where it is needed as quickly as possible.

Of the national plans’ expenditure, 37% must go toward meeting climate targets, and at least 20% toward digital transition.

The European Parliament noted that, “to be eligible for financing, national recovery and resilience plans must focus on key EU policy areas – the green transition including biodiversity, digital transformation, economic cohesion and competitiveness, and social and territorial cohesion. Those that focus on how institutions react to crisis and supporting them to prepare for it, as well as policies for children and youth, including education and skills, are also eligible for financing.”

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