European Commission receives 4 billion pandemic recovery request from Greece

The European Commission has received a request for nearly EUR4 billion in aid from Greece under its Recovery and Resilience Facility (RRF).

The RRF’s aim is to mitigate the economic and social impact of the COVID pandemic and make European economies and societies more sustainable, resilient and better prepared for the challenges and opportunities of the green and digital transitions.

In the latest move, Greece has sent a request to the Commission for a disbursement of EUR3.6 billion in financial support (net of pre-financing).

Greece’s overall recovery and resilience plan will be financed by EUR17.77 billion in grants and EUR12.73 billion in loans.

The European Commission stressed that Greece’s payments under the RRF are performance-based and contingent on Greece implementing the investments and reforms outlined in its recovery and resilience plan.

Greece’s first payment request relates to 15 milestones covering several reforms and investments in the areas of energy efficiency, sustainable mobility, waste management and civil protection, active labour market policies, healthcare, tax administration, justice, business extroversion, and the audit and control system linked to the RRF.

The Commission now has two months to assess the request and will then send its preliminary assessment of Greece’s fulfilment of the milestones and targets required for this payment to the Council’s Economic and Financial Committee (EFC).

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