European Commission approves Greece’s € 30.5 billion recovery and resilience plan – India Education | Latest Education News | Global educational news

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The European Commission today adopted a positive assessment of Greece’s recovery and resilience plan. This is an important step towards the disbursement of € 17.8 billion in grants and € 12.7 billion in loans under the Recovery and Resilience Mechanism (FRR) over the period 2021- 2026. This funding will support the implementation of crucial investment and reform measures outlined in Greece’s recovery and resilience plan. He will play a key role in enabling Greece to emerge stronger from the COVID-19 pandemic.

The RRF – at the heart of NextGenerationEU – will provide up to € 672.5 billion (at current prices) to support investment and reform across the EU. The Greek plan is part of an unprecedented coordinated EU response to the COVID-19 crisis, to address common European challenges by embracing green and digital transitions, to strengthen economic and social resilience and market cohesion unique.

The Commission assessed Greece’s plan on the basis of the criteria set out in the RRF Regulation. The Commission’s analysis examined whether the investments and reforms set out in the Greek plan support green and digital transitions; contribute effectively to tackling the challenges identified in the European Semester; and strengthen its potential for growth, job creation and economic and social resilience.

Securing Greece’s green and digital transitions

The Commission’s assessment of the plan reveals that it is devoting 38% of Greece’s total allocation to measures that support climate goals. This includes investments in the modernization of the electricity network, the strengthening of the support regime for producers of renewable energy sources. In addition, the plan supports investments in energy efficient retrofits and the development of local urban plans with a focus on building the climate resilience of urban areas. Other measures include support for a national reforestation program and a comprehensive strategy to strengthen civil protection and disaster management systems which covers, among other things, investment in flood mitigation.

The Commission’s assessment of the plan reveals that it devotes 23% of Greece’s total allocation to digital transition. This exceeds the minimum of 20% required by the RRF regulation. Measures to support Greece’s digital transition include investments in digital infrastructure such as 5G and fiber networks, measures to support the digital transition of public administration and investments and reforms to support the digitization of businesses. with particular emphasis on small and medium-sized businesses. The plan also includes measures to improve digital skills at all levels, as part of the education system and through dedicated training for all age groups.

Strengthening Greece’s economic and social resilience

The Commission considers that Greece’s plan effectively addresses all or an important subset of the economic and social challenges described in the country-specific recommendations addressed to Greece by the Council during the European Semester in 2019 and 2020. It includes measures that contribute to economic growth and increase employment by improving productivity. The plan foresees the implementation of a comprehensive national public health program that will support primary, secondary and tertiary prevention and strengthen primary care, making the economy more open, improving public administration and making the justice system more efficient. . Along with the substantial increase in public investment, the Plan makes full use of the loans from the Recovery and Resilience Mechanism to provide finance to businesses and increase the level of private investment. The plan builds on and complements the main structural reforms underway to improve the general functioning of the economy and which are currently monitored as part of enhanced surveillance.

The plan represents a comprehensive and adequately balanced response to the economic and social situation in Greece, thus contributing appropriately to the six pillars of the RRF Regulation.

Support flagship investment and reform projects

The Greek plan proposes projects in the seven key European areas. These are specific investment projects that address issues common to all Member States in areas that create jobs and growth and are necessary for the dual transition. For example, Greece has offered 2.3 billion euros to reform the education, training and lifelong learning system, as well as investments in upgrading and retraining programs that cover the entire workforce. These measures aim to equip people with high-quality skills relevant to the labor market, including skills related to green and digital transitions.

The assessment also concludes that none of the measures included in the plan significantly harm the environment, in accordance with the requirements set out in the RRF Regulation.

The control systems put in place by Greece are considered adequate to protect the financial interests of the Union. The plan provides sufficient detail on how national authorities will prevent, detect and correct cases of conflict of interest, corruption and fraud related to the use of funds.

Members of the College said:

President Ursula von der Leyen said: “I am delighted to present the European Commission’s positive assessment of Greece’s € 30.5 billion recovery and resilience plan. The plan is ambitious and will help build a better future for the Greek people. He can reshape Greece for decades to come. We must make the most of it, for future generations. We will be with you every step of the way.

Valdis Dombrovskis, executive vice president for an economy that works for people, said: “Greece’s stimulus package will help it emerge stronger from the pandemic and prepare the economy for a greener future. digital. The measures include support for energy-efficient retrofits and clean urban transport, as well as a focus on improving the digital skills of the population, both in terms of education and in terms of retraining and upgrading the workforce. of work. We welcome Greece’s ambition to boost private investment and reform labor market policies, digitize public administration and businesses, all of which are key elements for the modernization of the Greek economy. Overall, the plan provides a unique opportunity for Greece to equip its economy and people for the future and put the country on a more sustainable growth path. We are ready to help the Greek authorities to fully implement these reforms and investments. “

Paolo Gentiloni, Commissioner for the Economy, said: “Forty years after Greece’s accession to the Community, we are opening a new chapter in the country’s long European history. Greece is expected to receive more than € 30 billion in support through NextGenerationEU, funding that will support major investments and sweeping reforms over the next five years. This is an ambitious plan that will benefit every part of Greece and every segment of Greek society. Greece has come a long way since the last crisis, as has the European Union: NextGenerationEU is a partnership that we will take forward together.



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