Greece to spend big part of EU recovery funds on green, digital projects
(EurActiv, 26 Nov 2020) Greece plans to spend more than half of the 32 billion euros ($38 billion) it will get from the European Union’s recovery fund on green and digital transformation projects, its deputy finance minister said on Wednesday (25 November).
The EU’s long-term budget, coupled with its 750 million euros Next Generation EU initiative, will provide a total of 1.8 trillion euros to help repair the economic damage caused by the pandemic.
Greece is to get 19.4 billion euros in grants and 12.7 billion in cheap loans over the next six years, equal to about 16% of its gross domestic product.
“It is a unique and historic opportunity for Greece,” said Deputy Finance Minister Theodore Skylakakis in a presentation of the country’s recovery plan.
He said 58% of the grants, or 8.3 billion euros, will be invested in renewable energy projects, including connecting islands with the mainland electricity grid, 5G networks and infrastructure for electric cars.
Greece, which saw a quarter of its national output sapped by almost a decade of financial turmoil, emerged from recession in 2017 only to be hit by the coronavirus this year.