Greece is the first country from Central and Eastern Europe whose recovery and resilience plan received a positive assessment by the European Commission.
This is an important step towards disbursing 17.8 billion euro in grants and 12.7 billion euro in loans under the Recovery and Resilience Facility (RRF) over the period 2021-2026.
This financing will support the implementation of the crucial investment and reform measures outlined in Greece’s recovery and resilience plan and it will play a key role in enabling Greece to emerge stronger from the COVID-19 pandemic.
“I am delighted to present the European Commission’s positive assessment of Greece’s 30.5 billion euro recovery and resilience plan,” commented President Ursula von der Leyen. “The plan is ambitious and will help build a better future for the Greek people. It can reshape Greece for decades ahead. We need to make the best out of it, for the next generations. We will stand with you every step of the way.”
In particular, the Commission’s assessment of the plan has found out that it meets the 37 per cent climate expenditure target and the 20 per cent digital expenditure target, with 38 per cent of Greece’s total allocation to measures that support climate objectives. This includes investments in upgrading the electricity network, strengthening the support scheme for producers of renewable energy sources.
Furthermore, the plan supports investments in energy-efficient renovations and the development of local urban plans with a focus on strengthening the climate resilience of urban areas. Other measures include support for a national reforestation programme and a comprehensive strategy to strengthen the civil protection and disaster management systems that cover, amongst others, investment in flood mitigation.
“We welcome Greece’s ambition to invigorate private investment and reform labour market policies, digitalise the public administration and businesses, all of which will be key for the modernisation of the Greek economy,” added Valdis Dombrovskis, Executive Vice-President for an Economy that Works for People. “Taken together, the plan provides a unique opportunity for Greece to equip its economy and people for the future and put the country on a more sustainable growth path. We stand ready to support the Greek authorities to fully implement these reforms and investments.”
The Council will now have, as a rule, four weeks to adopt the Commission’s proposal and its approval would allow for the disbursement of 4 billion euro to Greece in pre-financing, 13 per cent of the total allocated amount for Greece.
Photo: European Commission’s Facebook page.