ECONOMY

Athens formally submits national recovery blueprint

athens-formally-submits-national-recovery-blueprint

Greece formally submitted its national recovery plan to the European Union on Tuesday, hoping for a boost to economic growth by as much as seven percentage points over the next six years, the government’s spokeswoman said.

Under the multi-billion-euro coronavirus recovery package agreed by European Union leaders last year, Athens is to get 18.2 billion euros in grants and €13 billion in cheap loans over the coming years, equal to about 16% of its gross domestic product.

It is expected to get added leverage from the private sector via equity capital and loans, meaning total funds for investments will be increased to nearly €60 billion.

Prime Minister Kyriakos Mitsotakis said last month the country’s four-pillar scheme, dubbed “Greece 2.0” would help revive and transform an economy still emerging from the shadow of a decade of severe financial crisis.

Around 170 projects have been proposed, focusing on green energy transformation, digital upgrades including boosting high-speed internet, training and social cohesion measures as well as some traditional road and transport infrastructure. [Reuters]