Greece has tapped 18 billion euros from EU’s Restoration Fund

ATHENS (Reuters) – Greece has acquired 18 billion euros ($18.5 billion) in grants and loans from the European Union’s Restoration Fund since 2021, equal to about 8% of its financial output, the federal government stated on Thursday.

After years of under-investment on account of a 2010-2018 monetary disaster, Greece has improved its uptake of European funds, tackling paperwork and serving to its economic system develop quicker.

Greece is eligible for a complete of 36 billion euros in grants and loans from the post-pandemic fund till 2027 and the sources have been anticipated to leverage complete funding of greater than 60 billion euros in medium-sized firms, inexperienced power, digitisation and infrastructure.

Athens will put in a request to obtain one other 3.9 billion euros from the Restoration Fund by Could, which might assist the nation obtain its goal for financial progress of two.3% this 12 months, up from 2.2% in 2024, deputy Finance Minister Nikos Papathanasis stated throughout a press convention.

“Our economic system as soon as once more recorded progress charges a lot larger than the European common, persevering with to be among the many prime within the EU by way of absorption of sources from the Restoration Fund,” Papathanasis stated.

Greek public funding – which attracts funding primarily from the EU, together with the Restoration Fund, in addition to from the state price range – will are available in at 14.1 billion euros this 12 months and attain 16.4 billion euros in 2026, in accordance with finance ministry information.

($1 = 0.9734 euros)