Recovery Fund: €3.56 billion for “Greece 2.0” from the submission of the second payment request

Today, September 30, Deputy Minister of Finance, Mr. Theodoros Skylakakis, the official responsible for the implementation of the “Greece 2.0” National Plan, submitted the second request for payment from the Recovery and Resilience Fund (RRF) to the European Commission.

3.56 billion euros will flow into the public coffers, as the successful completion of the 28 planned milestones allows the submission of a single request, which concerns both the subsidy and loan sectors. Greece met, earlier than originally planned, three milestones related to the loan leg of the RRF. Therefore, €1.84 billion (loan payments) is added to the €1.72 billion (subsidy payment).

The total amount of the first installment, disbursed on April 8, 2022, also amounted to 3.56 billion euros (1.72 billion euros for subsidies and 1.84 billion euros for loans). Regarding the pre-financing, which was disbursed on 9.8.2021, corresponding to 13% (3.96 billion euros) of the money allocated to Greece by the RRF.

Greece is among the first five countries to submit a request for disbursement of the second payment from the RRF and the first to submit a request for the third payment (loan tranche).

Subsidies

Up to now, 372 projects have been included in the National Recovery and Resilience Plan, with a total budget of 13.5 billion euros, through decisions signed by Mr. Skylakakis.

The projects fall under the four main pillars of the Plan, namely “Green transition”, “Digital transition”, “Employment – Skills – Social Cohesion” and “Private investment and transformation of the economy”.

Projects

150 investment projects have been submitted to “Greece 2.0” so far by interested investors.

Their total budget amounts to 6.82 billion euros, approximately, of which 2.83 billion euros concern RRF loans, 2.46 billion euros in bank funds and 1.53 billion euros are covered by the investors’ funds.

The above investments fall into different sectors of the economy, e.g. industry, telecommunications, energy, transport, tourism, services, trade.

A large number of projects, from the 150 investment projects submitted, are at the stage of pre-approval by the credit institutions, while 23 investment projects have already been contracted, with a total budget of 1.41 billion euros, of which 650 million euros are financed by resources- RRF loans.

It is worth pointing out that in a time period of rapid interest rate increases, the weighted average interest rate of the loan contracts that have been signed amounts to 0.90%, with an average repayment period of approximately 10 years.