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16 June, 2024
 
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European Commission disburses funds to six member states

Germany receives €4B boost from EU recovery fund

Source: CNA

The European Commission disbursed payments to six Member States Thursday, under the Recovery and Resilience Facility (RRF).

A press release by EC says that Germany received the first payment under the Recovery and Resilience Facility (RRF). The payment amounts to € 4 billion. Last September, Germany submitted to the Commission the first request for payment of € 4 billion under the RRF covering 28 milestones and 8 targets. The overall recovery and resilience plan of Germany will be financed by € 28 billion in the form of grants.

The Commission paid to Greece the third payment, which amounts to € 3.64 billion (€ 1.69 billion in non-repayable financial support and € 1.95 billion in loans, excluding pre-financing).

Last May and November Greece submitted to the Commission the third request for payment for non-repayable support and the third request for payment for loans, respectively, covering 39 milestones and four targets. The overall recovery and resilience plan of Greece will be financed by € 35.95 billion, with € 18.22 billion in non-repayable support and € 17.73 billion in loans.

The Commission also paid to Italy the fourth payment for € 16.5 billion of non-repayable financial support and loans, covering 21 milestones and 7 targets. The overall recovery and resilience plan of Italy will be financed by € 194.4 billion of which € 71.8 billion in the form of grants and € 122.6 billion in the form of loans.

Finally, the Commission disbursed to Portugal the third and fourth combined payment for € 2.46 billion of non-repayable financial support and loans (excluding pre-financing) under the Recovery and Resilience Facility (RRF).

In October 2023, Portugal submitted to the Commission the third request for payment of the third and fourth grant instalments (€ 1.77 billion and € 0.82 billion) and for the third and fourth loan instalments (€ 0.36 billion and € 0.22 billion) under the RRF, covering 47 milestones and targets.

On 13 December, the Commission adopted a partially positive preliminary assessment of Portugal's request for payment, having found that one milestone and one target concerning reforms of the health sector and one milestone related to the reform of regulated professions had not been satisfactorily fulfilled.

The Commission acknowledged the steps already taken by Portugal to fulfil these outstanding milestones and target, though important work remains to be done.

The overall recovery and resilience plan of Portugal will be financed by € 22.2 billion in the form of grants and loans. Read more here on the Portuguese recovery and resilience plan.

Moreover, the Commission paid to Slovakia the third payment for € 662 million in grants of non-repayable financial support , covering 21 milestones and six targets. The overall recovery and resilience plan of Slovakia will be financed by € 6.4 billion in the form of grants.

Furthermore, the second payment to Slovenia for € 225.91 million of non-repayable financial support (excluding pre-financing) and € 310.09 million of repayable support under the Recovery and Resilience Facility (RRF) was paid today, covering 43 milestones and three targets. The overall recovery and resilience plan of Slovenia will be financed by € 1.61 billion in the form of grants and € 1.07 billion in the form of loans.

Payments under the RRF are performance-based and contingent on Germany, Greece, Italy, Portugal, Slovakia and Slovenia implementing the reforms and investments outlined in their recovery and resilience plans.

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Cyprus  |  commission  |  EU  |  money  |  economy  |  government

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