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NextGenerationEU: European Commission disburses €237 million in pre-financing to Latvia

The European Commission recently (10 September 2021) disbursed €237 million to Latvia in pre-financing, equivalent to 13% of the country's financial contribution as established in the Council Implementing Decision. The pre-financing payment will help to kick-start the implementation of the crucial investment and reform measures outlined in Latvia's recovery and resilience plan.

The Commission will authorise further disbursements based on the implementation of the investments and reforms included in Latvia's recovery and resilience plan. The country is set to receive €1.8 billion in total, fully consisting of grants, over the lifetime of its plan.

The recent disbursement follows the recent successful implementation of the first borrowing operations under NextGenerationEU. By the end of the year, the Commission intends to raise up to a total of €80 billion in long-term funding, to be complemented by short-term EU-Bills, to fund the first disbursement to Member States under the RRF and other NextGenerationEU.

Part of NextGenerationEU, the RRF will provide €723.8 billion (in current prices) to support investments and reforms across Member States. The Latvian plan is part of the unprecedented EU response to emerge stronger from the COVID-19 crisis, foster the green and digital transitions and strengthen the cohesion in our societies.

Supporting flagship investments and reform projects

The RRF in Latvia finances investments and reforms that are expected to have a transformative effect on Latvia's economy and society. Here are some of those projects:

  • Securing the green transition: The Latvian plan includes a €295 million investment project to overhaul the Riga Metropolitan area transport system by creating a multimodal public transport network with a single timetable, price and ticket system and investing in clean transport infrastructure, including railways, trams, electric buses and cycle lanes.
  • Supporting the digital transition: €125 million will support businesses introducing digital technologies, such as e-commerce solutions, innovation and new products. Latvia's plan will also devote €95 million on digital upskilling to improve basic and advanced digital skills.
  • Reinforcing economic and social resilience: The plan includes €158 million on reforms and investments to modernise healthcare, strengthen the resilience of the health sector and increase the availability of integrated and high-quality healthcare services. It provides for investments in infrastructure and medical equipment in three university hospitals in Riga, seven regional hospitals and 40 ambulatory care institutions.

Click here for the full press release

 

Original article link: https://ec.europa.eu/commission/presscorner/detail/en/IP_21_4625

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