Commission endorses Greece’s €30.5 billion recovery plan

Commission endorses Greece’s €30.5 billion recovery plan

The European Commission on Thursday endorsed Greece’s recovery and resilience plan, totalling 30.5 billion euros.

“This is an important step towards the disbursement of 17.8 billion euros in grants and 12.7 billion euros in loans under the 2021-2026 Recovery and Resilience Facility (RRF),” the Commission said, adding that this financing will support the implementation of the critical investment and reform measures outlined in the Greek recovery and resilience plan and help Greece emerge stronger from the Covid-19 pandemic.

Moreover, the Commission adopted a proposal for a Council Implementing Decision for the allocation of 17.8 billion euros in the form of grants and 12.7 billion euros in the form of loans to Greece under the RRF.

The Council will now have four weeks, as a rule, to approve the Commission’s proposal. The approval of the plan by the Council will allow the disbursement of 4 billion euros in pre-financing to Greece. This amount represents 13 pct of the total amount that will be allocated to Greece.

The Commission evaluated Greece’s plan on the basis of the criteria set out in the RRF regulation. It was examined whether the investments and reforms defined in the Greek plan support the green and digital transition, whether they contribute to effectively addressing the challenges identified in the European Semester and whether growth dynamics, job creation and economic and social resilience are strengthened.

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