European Commission approves installments of the Recovery and Resilience Fund

European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, 28 September 2022. [Yves Herman/Reuters]

On Friday, the European Commission announced approval of a second installment (totaling €3.6 million) to Greece from the Reconstruction and Recovery Fund, following a request submitted by the government at the end of September.

The tranche consists of €1.7 billion in grants and €1.9 billion in loans.

“Great news for Greece today. The country has made sufficient progress in implementing the National Recovery Plan to receive a second payment under NextGenerationEU. billion euros,” said Commission Chairman Ursula von der Leyen.

“Greece is pushing ambitious reforms in key areas such as renewable energy, rail infrastructure, public transport and digitization of SMEs. Greece is also making new investments in tourism, manufacturing and agriculture. Importantly, we also meet our audit and control commitments to protect taxpayer money.”

In September, the government submitted a payment request to the commission based on the achievement of targets set for 28 milestones and a second installment. These target reforms and investments to promote the use of renewable energy so that the electricity market is compatible with the high share of renewable energy. It also includes reorganizing the rail sector to develop, operate and maintain a modern rail network, opening up the public bus transport market to improve services and promoting more environmentally friendly bus fleets. .

Other reforms and investments will support the digital transformation of SMEs, interconnect payment terminals and tax authorities, encourage green and digital investment by the private sector, encourage SME growth and exports, encourage capital strengthen supervision of Create new funding opportunities for research and encourage new investment in the tourism, manufacturing and agricultural sectors.

The Commission has now forwarded its positive preliminary assessment that Greece has achieved the milestones and targets required for this payment to the Economic and Financial Commission (EFC) for its opinion. The EFC’s comments are expected to be submitted within a maximum of four weeks and should be considered in the Commission’s evaluation. Subject to the EFC’s opinion, the Commission adopts a final decision on the payment of financial contributions. European Commission approves installments of the Recovery and Resilience Fund

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