Today, Thursday August 31, 2023, Greece submitted a request to the European Commission to modify its Recovery and Resilience Plan (RRP). At the core of the revision is the addition of a REPowerEU chapter including a new package of investments and reforms with European funding of €795 million, as well as, a request for additional loans of €5 billion.  These additional funds make the submitted modified plan worth €18.22 billion in grants support and €17.73 billion in loans support, that is €36 billion in total.

The REPowerEU chapter includes energy efficiency measures related for instance to energy renovations for households, businesses and utilities, and to increasing penetration of renewable energy sources, with measures promoting energy storage, as well as reforms promoting the transition towards a smart grid and energy sharing.

The request for additional loans of €5 billion directed towards the private economy, responds to the high demand observed in the existing loan facility measure, as 500 investment projects with a total value of €18.1 billion have already been submitted. Among these projects, 60% originate from small and medium-sized enterprises, thus expanding the possibilities and scope of investment financing.

The proposed revision of the plan foresees the modification of several measures from the original plan as well as the addition of new measures. Emphasis is placed on the prevention of natural disasters. The National forest ecosystems protection programme Anti-nero is significantly expanded, a seismic resistance control programme of critical public infrastructures is added, and the Smart Bridges action is extended. In addition, an important housing programme for individuals and couples aged 18-39 is created. Significant reforms are also included in the areas of taxation (electronic payments, digital stamp, improvement of the operational function of the tax administration), the Hellenic cadastre, primary health care, etc. At the same time, projects that require further development are expected to be transferred for implementation using other funding mechanisms.

“Following consultations with the ministries, relevant stakeholders, and the European Commission, we have today presented our proposal for the revision of the National Recovery and Resilience Plan “Greece 2.0″. Upon approval, this will increase the resources already secured for our country by €5.8 billion, reaching a total of €36 billion. It is a coherent plan, adapted to the new needs arising in a constantly changing international environment. By enhancing energy efficiency measures, implementing new reforms, restructuring projects, and requesting further expansion of the scope of financing for new investments, we aim to ensure both proper utilization and swift absorption of the resources from the Recovery and Resilience Facility into the real economy”stated Mr. Nikos Papathanasis, Alternate Minister of Economy and Finance.

“Building upon the groundwork already laid out by the Ministries and stakeholders, we have been working intensively and systematically to submit our proposal today for the revision of “Greece 2.0”. In an ever-changing environment, we are called to exhibit flexibility and adaptability, and our proposal is founded on these principles. A proposal that will allocate an additional €5.8 billion to our country, with the core principle being the optimal utilization of the European resources from the Recovery and Resilience Facility” stated Mr. Orestis Kavalakis Governor of RRF Coordination Agency.