Brussels (Brussels Morning Newspaper) – Greece receives its fourth Recovery and Resilience Facility payment of €998.6 million from the European Commission.
The Europen Commission expended to Greece the fourth payment of €998.6 million in grants (net of pre-financing) under the Recovery and Resilience Facility (RRF). Commission stated that as for all Member States, amounts made to Greece under the RRF are performance-based and rely on the implementation by Greece of the investments and reforms conveyed in its recovery and resilience plan.
Why did the EU Commission approve Greece’s latest funding request?
According to the Commission, on 6 June 2024, Greece presented to the EU Commission the fourth request for payment of €998.6 million in grants under the RRF surrounding 16 milestones and four targets. These cover several reforms in areas such as enhancing the justice IT system and advancing electricity production capacity from renewable energy sources. Investments in reforestation, fire prevention and boosting energy security are also included.
On 4 September 2024, the EU Commission assumed a positive preliminary assessment of Greece’s request for payment. The favourable thought of the Economic and Financial Committee of the Council on the payment request paved the path for the Commission to adopt a final judgment on the disbursement of the funds. Greece’s overall recovery and resilience plan will be funded by €35.9 billion, with €18.2 billion in grants and €17.7 million in loans.
How is Greece improving its energy security and sustainability?
The European Commission has expressed that following the unusual crisis caused by the COVID-19 pandemic, Greece’s recovery and resilience plan has reacted to the urgent need to promote a strong recovery while making Greece’s economy and society more resilient and future-ready. In comeback to the energy market disruption caused by Russia’s invasion of Ukraine, the Commission also launched the REPowerEU Plan.
The Recovery and Resilience Facility is at the heart of its undertaking and its funding. Under REPowerEU, EU countries are revising their recovery and resilience plans with new efforts to save energy and diversify the EU’s energy supplies.
