EU approves €3.6 bln Recovery Fund tranche for Greece
The European Commission preliminarily approved Greece’s request for the disbursement of €3.6 billion under the Recovery and Resilience Facility on Friday.
Of the €3.6 billion, grants comprise €1.7 billion and loans are €1.9 billion.
The Greek Recovery and Resilience Plan will be supported in total by €17.4 billion in grants and €12.7 billion in loans, of which €4 billion was disbursed to Greece in pre-financing on August 9, 2021.
A first payment request from Greece was assessed positively by the Commission on February 28, 2022, which led to the disbursement of €3.6 billion on April 8.
The second installment approved will account for €11.1 billion of the total to be disbursed, or 37% of Recovery Fund funding for Greece.
Commission President Ursula von der Leyen congratulated Greece and said: “The country has made sufficient progress in the implementation of its national recovery plan to receive a second payment under NextGenerationEU. Once member-states have given their green light, Greece will receive €3.6 billion.”
She added, “Greece is driving forward ambitious reforms in key areas such as renewable energy, railway infrastructure, public transportation and the digitalization of SMEs,” encouraging new investments in tourism, manufacturing and agriculture, and “delivered on its commitments on audit and control to protect taxpayers’ money.”
Greece submitted its request on September 30, based on reaching the 28 milestones set by the decision for the second installment.
