The Paris-based organization points to the energy price shock from the Middle East conflict, warning that Greece's heavy reliance on imported fossil fuels leaves its economy exposed just as Recovery Fund investment begins to wind down.
Billions in investment projects face cancellation or higher financing costs after Greece's Recovery and Resilience Facility loan envelope is fully committed, leaving numerous applications without funding.
European Commission teams will arrive in two phases to assess Greece’s economy and the Recovery Fund, as strong fiscal results contrast with warnings over slow absorption of EU funds
New projects are being added to the "Greece 2.0" plan, primarily focusing on enhancing citizen safety and upgrading transportation infrastructure.
Acting as an intermediary financial institution, the bank has been channeling funds to businesses of all sizes across Greece.
Greece has now received a total of 18.2 billion euros from the Recovery and Resilience Facility (RRF), with this latest disbursement.
The unit is scheduled to hold weekly meetings and will be tasked to map out the progress of pending projects under the Recovery Fund
The Commission's preliminary assessment of Greece's request, completed on June 14, 2024, was positive, reflecting Greece's successful implementation of its recovery and resilience plan.
However, despite these advancements, Greece still faces a substantial investment gap compared to its eurozone peers.
The program will be funded through the Recovery and Resilience Fund (RRF)and has a budget of €176.75 million
The three projects funded by the RRF will aim to strengthen MOMus digital and cultural presence, as well as its social contribution
A total of 44.2 million euros worth of funding is made available
The resumption of freight services two weeks ago relieved a three-month backlog, but the damage incurred to rail transport reliability is enormous
The positive preliminary assessment came yesterday and relates to Greece's third payment request for 1.69 billion euros in grants and 1.95 billion in loans