Greece submits request at the EU's Recovery Fund, worth 1.72 bln euros

Greece submitted a third request to the European Commission for disbursement of funds from the Recovery and Resilience Fund (RRF) on Tuesday, worth 1.72 billion euros. The request was submitted by Alternate Finance Minister Thodoros Skylakakis, responsible for the implementation of the 'Greece 2.0' National Plan on development.

The disbursement will provide state coffers with 1.72 billion euros in subsidies for 'Greece 2.0', bringing the funding Greece has received from the RRF to a total of 12.8 billion euros. Greece is among the first three countries in the European Union's 27 member states to have requested a third disbursement from RRF, along with Italy and Spain. Another 4 countries have submitted the second requestion, 11 have submitted the first one, and 9 have submitted nonw.

Some of the landmarks Greek authorities fulfilled successfully as prerequisites include - in terms of investments - the renovation of houses ('Exikonomo' program), e-vehicle charging stations ('Fortizo pantou'), and confirmation of tendering processes for public works on digital transformation, among others. In terms of reforms, the RRF funding so far has helped to implement the institutionalizing of the multilayered rule of government with specific job descriptions, the new 'Pothen Esches' (source of wealth tax filings), the national registry of processes 'Mitos', the national action plan to fight corruption, legislation on industrial parks, and others.

Greece submitted its 'Greece 2.0' national Plan to the European Commission in April 2021. It was approved in July 2021, providing an early disbursement of 3.96 billion euros, or 13% of funding allocated by RRF to Greece, in August 2021. Its first request for payment (3.56 billion euros) was made in December 2021 and disbursed in April 2022. Its second request (for 3.56 billion euros) was made in September 2022; its disbursement was approved in January 2023.

Commenting on the application for the third instalment on Tuesday, Skylakakis said, "Greece is a pioneer in implementing its national Plan of Recovery and Resilience. We are among the first three EU member countries among 27 that submitted their third request for disbursement from the RRF. We utilize, consistencly and with full seriousness, the opportunities offered by this valuable funding tool for the Greek economy's development path."