This payment request relates to a target requiring that €3.5 billion of RRF loans are signed by financial institutions and commercial banks with final recipients to support private investment related to areas such as the green transition, the digital transition, and innovation. Greece is submitting this payment request ahead of schedule, reflecting faster than expected absorption of the loans by the private sector in Greece. Today’s request complements Greece’s request for €1.72 billion in grants that the Commission is currently assessing.

The Commission endorsed yesterday the revision of Greece’s overall recovery and resilience plan. The revised plan will be financed by €18.2 billion in grants and €17.7 billion in loans. This revised loan amount includes the €5 billion of additional loans that Greece requested as part of the revision of its plan. Payments under the RRF are performance-based and contingent on Greece implementing the investments and reforms outlined in its recovery and resilience plan.

The Commission will now assess the request and will then send its preliminary assessment of Greece’s fulfilment of the target required for this payment to the Council’s Economic and Financial Committee.