FINANCE

EU tranche expected in Q1 2022

eu-tranche-expected-in-q1-2022

The disbursement of the first tranche of Next Generation EU funds to Greece, amounting to 3.5 billion euros, is expected in the first quarter of next year. This is because three to four months are needed for the European Commission and other member-states to assess the achievement of the 15 milestones this installment is associated with.

Commission representatives were in Athens this week to examine that first batch of prior actions which must have been completed by end-September for the disbursement of the first installment – following the €4 billion deposit released in August. Heading the mission from Brussels was the deputy head of the Directorate-General for Economic and Financial Affairs, Declan Costello.

Sources say the Commission technocrats who met with ministry officials noted that, “in their great majority, the milestones are being properly implemented,” but in certain matters they asked for more information.

Once all pending issues are settled, Alternate Finance Minister Thodoros Skylakakis will submit Greece’s application for the disbursement of the first tranche. This is expected in early November, ministry sources say.