First installments of EU pandemic loans to be disbursed

European Commission President Ursula von der Leyen on Tuesday announced the first round of disbursements of billions of euros of emergency funding aimed at propping up member-states’ economies during the coronavirus pandemic.

“I am in the pleasant position to announce that today Greece will receive 2 bln€ in loans via SURE for safeguarding jobs over the course of the pandemic. Greece will soon receive an additional 700 mln€,” she said in one of a series of posts on Twitter written in the language of each beneficiary, referring to the Support to mitigate Unemployment Risks in an Emergency (SURE) program.

Greek Finance Minister Christos Staikouras hailed the news of the disbursement, saying that the money from the low- to zero-interest loans would be used to “cover support measures for employees and employers that were out into effect at the start of the health crisis, with the aim of preserving jobs.”

Speaking to Skai on Tuesday, Staikouras said that the government will continue tapping domestic and European resources to mitigate the impact of the pandemic on businesses and households, and “to set the foundations for a swift and strong rebound.”

Von der Leyen also announced that Cyprus will be receiving 250 million euros from a total of 479 million euros in loans on favorable terms within the framework of the 81-billion-euro scheme.