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NextGenerationEU: European Commission endorses positive preliminary assessment of Greece's request for nearly €3.6 billion under the Recovery and Resilience Facility

The European Commission recently endorsed a positive preliminary assessment of Greece's payment request for €3.6 billion, of which €1.7 billion in grants and €1.9 billion in loans, under the Recovery and Resilience Facility (RRF), the key instrument at the heart of NextGenerationEU.

On 30 September 2022, Greece submitted to the Commission a payment request based on the achievement of the 28 milestones and targets laid out in the Council Implementing Decision for the second instalment. They cover reforms and investments promoting the use of renewable energy so as to make the electricity market fit for a high share of renewables. They also include re-organising the railways sector to develop, operate and maintain a modern railway network, opening up the public bus transportation market to improve services and to promote a greener bus fleet. Other reforms and investments support the digital transformation of small and medium-sized enterprises, as well as interconnecting payment terminals with the tax administration, incentivising green and digital investments by the private sector, encouraging small companies to grow and export, enhancing the supervision of capital markets, creating new funding opportunities for research and encouraging new investments in the tourism, manufacturing and agriculture sectors.

With their request, the Greek authorities provided detailed and comprehensive evidence demonstrating the fulfilment of the 28 milestones and targets. As required by the RRF Regulation, Greece has also confirmed that measures related to previously satisfactorily fulfilled milestones and targets have not been reversed. The Commission has thoroughly assessed this information before presenting its positive preliminary assessment of the payment request.

The Greek recovery and resilience plan will be supported by €17.4 billion in grants and €12.7 billion in loans, of which €4 billion was disbursed to Greece in pre-financing on 9 August 2021. A first payment request from Greece was assessed positively by the Commission on 28 February 2022, which led to the disbursement of €3.6 billion on 8 April 2022.

Payments under the RRF are performance-based and contingent on Member States implementing the investments and reforms outlined in their respective recovery and resilience plans.

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