FINANCE

Red tape a snag in cash absorption

red-tape-a-snag-in-cash-absorption

Greece stands to receive large “packages” from the European Union’s recovery fund, but their optimal management depends on overcoming bureaucratic hurdles, European Commission head of Regional & Urban Policy Carsten Rasmussen said on Thursday.

Addressing the second Regional Growth Conference in the western port city of Patra, Rasmussen spoke of Greece’s “tremendous” progress in digitization and added that the new regional development programs would be announced in the immediate future. 

The Commission is in constant communication with the Greek government over the coming programs, and the latter must act as consultant to the country’s regional administrations for the efficient management of funding, he said.

Referring to Astypalaia’s green initiative launched on Wednesday, he said the same road must be followed by areas that are lagging, adding that green growth must apply for everyone.

Rasmussen noted that the Patra-Pyrgos highway is nearing completion, and underlined that works at the coastal front of Patra will change the city’s image and create immense potential for development.