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European Commission disburses €237 million in pre-financing to Latvia

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The European Commission has today disbursed €237 million to Latvia in pre-financing, equivalent to 13% of the country’s financial contribution as established in the Council Implementing Decision. The pre-financing payment will help to kick-start the implementation of the crucial investment and reform measures outlined in Latvia’s recovery and resilience plan.

The Commission will authorise further disbursements based on the implementation of the investments and reforms included in Latvia’s recovery and resilience plan. The country is set to receive €1.8 billion 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 disbursement to Member States under the RRF and other NextGenerationEU.

Part of NextGenerationEU, the RRF will provide €723.8 billion (in current prices) to support investments and reforms across Member States. The Latvian plan is part of the unprecedented EU response to emerge stronger from the COVID-19 crisis, foster the green and digital transitions and strengthen the cohesion in our societies.