By the end of July the first disbursements of funds for the Greek Recovery Plan “Greece 2.0”

The Greek Recovery Plan “Greece 2.0” will start to take shape “flesh and bones”, after the “green light” received yesterday from Ecofin in Brussels, and the first disbursements of the funds are expected by the end of this month.

The first amounts will amount to about 4 billion euros, while this year our country aims to receive through the Recovery Fund about 7.5 billion euros in total. As, in addition to the advance of 4 billion euros (2.3 billion euros from subsidies and the rest from the loans), the first installment of about 3.5 billion euros is expected to be disbursed by the end of the year. , provided that the milestones set have been met.

Greece is entitled through the Recovery Fund to receive 30.5 billion euros, of which 17.8 billion euros (9% of GDP) relate to grants and 12.7 billion euros (6% -7% of GDP) in loans. The Hellenic Plan provides a detailed description of the 331 milestones and targets, the implementation of which will determine the disbursement process from this year to mid-2026.

The “Greece 2.0” Plan includes 106 investments and 68 reforms that are accurately described and costed in 4,104 pages and through European resources are expected to mobilize 60 billion euros of total investments in the country for the next five years. A fact that can permanently increase GDP by 7 points and also create, permanently, 180-200 thousand new jobs.

After the approval of the Plan, the Prime Minister Kyriakos Mitsotakis, in a post on twitter, spoke of a “historic moment for Greece”, adding that now the hard work begins as we accelerate our plans by creating jobs and growth in sustainable, digital and infrastructure, leading to a brighter future for all our citizens. “

From Brussels, Finance Minister Christos Staikouras, after the Ecofin meeting, described the National Plan as “coherent and realistic”, saying that it is a “home ownership plan, with a strong reform, investment and economic sign, which will lead to the achievement strong and sustainable economic growth, creating many good jobs and boosting social cohesion. A plan that will also serve as a lever for the transformation of our economy and the change of the economic model of the country towards a more extroverted, competitive, innovative, fair, smart and green productive model “. He added that “thus, all together – state, households and businesses – we will make our economy more sustainable and our country stronger in all respects.

For his part, Deputy Finance Minister Theodoros Skylakakis, who also took part in the Ecofin meeting, said that “Greece 2.0” was the second National Plan submitted and the third approved by the European Commission, “receiving excellent comments on its completeness and completeness, both by European institutions and by international investment and economic organizations and bodies “.

He also noted that “Greece 2.0” includes, among other things, subsidies of 1.5 billion euros exclusively for small and medium-sized enterprises and access to low-interest loans for all reputable companies in the country wishing to invest in green and digital transformation. in extroversion, in research and innovation or in achieving economies of scale.

Yesterday, the European Union finance ministers approved twelve national recovery and resilience plans: Greece, Portugal, Spain, France, Germany, Italy, Austria, Denmark, Belgium, Luxembourg, Slovakia and Latvia.

According to European Commission Vice-President Valdis Dobrovskis, now the Commission will have to sign a financing agreement with each country separately, in order to release the pre-financing corresponding to 13% of the total resources of the Projects. He also noted that the Commission had two successful exits to the markets, raising a total of 35 billion euros and that it would soon proceed with new joint bond issues to finance the Recovery Fund.

Source: by

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