ECONOMY

Commission disburses Recovery Fund’s first 4 billion euros to Greece

commission-disburses-recovery-fund-s-first-4-billion-euros-to-greece

The European Commission on Monday disbursed four billion euros to Greece in pre-financing, as part of the EU’s Recovery and Resilience Facility (RRF).

The amount is equivalent to 13% of the country’s grant and loan allocation from the program.

“Greece is one of the first countries receiving a pre-financing payment under the RRF. The pre-financing will help to kick-start the implementation of the crucial investment and reform measures outlined in Greece’s recovery and resilience plan,” the Commission said in a statement.

“The Commission will authorise further disbursements based on the implementation of the investments and reforms outlined in Greece’s recovery and resilience plan,” it added.

The country is set to receive 30.5 billion euros in total over the lifetime of its plan (17.8 billion euros in grants and 12.7 billion euros in loans).

“Monday’s disbursement follows the recent successful implementation of the first borrowing operations under NextGenerationEU,” the Commission said.

By the end of the year, the Commission intends to raise up to a total of 80 billion euros in long-term funding, to be complemented by short-term EU-Bills, to fund the first planned disbursements to Member States under NextGenerationEU.