The European Commission has today disbursed €12.1 million to Luxembourg in pre-financing, equivalent to 13% of the country’s financial allocation. Luxembourg is one of the first countries receiving a pre-financing payment under the Recovery and Resilience Facility (RRF). It will help to kick-start the implementation of the crucial investment and reform measures outlined in Luxembourg’s recovery and resilience plan.
The Commission will authorise further disbursements based on the implementation of the investments and reforms outlined in Luxembourg’s recovery and resilience plan. The country is set to receive €93.4 million in total, fully consisting of grants, over the lifetime of its plan.
Today’s disbursement follows the recent successful implementation of the first borrowing operations under NextGenerationEU. By the end of the year, the Commission intends to raise up to a total of €80 billion in long-term funding, to be complemented by short-term EU-Bills, to fund the first planned disbursements to Member States under NextGenerationEU.
Part of NextGenerationEU, the RRF will provide €723.8 billion (in current prices) to support investments and reforms across Member States. The Luxembourg plan is part of the unprecedented EU response to emerge stronger from the COVID-19 crisis, fostering the green and digital transitions and strengthening resilience and cohesion in our societies.