The building of the Academy in downtown Athens. Credit: Thomas Wolf, cc3/WikipediaGreece received on Friday a 3.6 billion euro ($3.9 billion) payment out of its allotted 30.5 billion from the European Union’s pandemic recovery fund.
The announcement was made by Valdis Dombrovskis, the European Commission’s executive vice president, via video link with Greek Prime Minister Kyriakos Mitsotakis. Dombrovskis had been scheduled to visit Athens, but his trip was canceled after he tested positive for Covid-19.
The European recovery and resilience fund provides vital relief for Greece, which had barely emerged from a deep, decade-long financial crisis when the coronavirus pandemic hit. It provides 12.7 billion euros in loans and 17.8 billion euros in grants through 2026.
“Major infrastructure and modernization works will start in Greece in many sectors with an emphasis on the green economy and the digital transition,” Mitsotakis said.
“We will make good use of these funds, and we will stay on track,” Mitsotakis said, adding that “this government is committed to reforms.”
