The European Commission on Friday afternoon approved the disbursement of 3.56 billion euros to Greece – 1.7 billion in subsidization and 1.9 billion euros in loans – as part of the Recovery and Resilience Facility, the primary “tool” of the EU’s ambitious and massive NextGenerationEU temporary recovery instrument.
European Commission President Ursula von der Leyen officially made the announcement with the statement: “Excellent news for Greece today… congratulations to Greece. The road to recovery continues and the Commission stands by you.”
The country fulfilled 28 milestones several months ago for the second tranche of aid, and three dealt with the portion of loans for the third tranche.
The disbursement of the tranche is expected to flow into Greek coffers next month, while the Mitsotakis government’s economic team aims to increase investments – as listed in the 2023 state budget – by 16 percent, compared to the 2022 budget.
Overall, the Greek government expects to allocate 8.3 billion euros from the public investment program and 5.6 billion euros from the Recovery & Resilience fund, of which 3.5 billion euros will be subsidies. A total of 372 projects, budgeted at 13.5 billion euros, have been included in the scheme so far.
“The country has made sufficient progress in implementing its national recovery plan to receive a second NextGenerationEU tranche…Greece is pushing forward with ambitious reforms in key sectors, such as renewable energy, rail infrastructure, public transports and the digitization of SMEs. Greece is also encouraging new investments in tourism, manufacturing and agriculture,” von der Leyen said. She added that Greece has also met commitments in terms of managing and protecting taxpayers’ money.
Latest News
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight
ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y
The same price index had decreased 20.8% from May 2022 to May 2023
Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated
Specifically, the option "Subjective opinions are prioritized over objective data" ranked highest in importance for young employees, with a score of 3.89 out of 4
OECD: Job Vacancies on the Rise in Greece
By the fourth quarter of 2023, job vacancies per unemployed person had risen by more than 4, with the index reaching 446 units compared to 100 units in late 2019
OTE Group: FTTH Program Advancing in Semi-Urban and Rural Areas of Greece
This initiative will provide ultra-fast internet speeds of up to 1Gbps to over 350,000 households and businesses in semi-urban and rural areas across the country