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Germany receives 2.25 billion euros from EU COVID Recovery Fund

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Germany secured 2.25 billion euros ($2.7 billion) on Thursday from the 800 billion euro EU Recovery Fund aimed at helping the 27-country bloc recover from the impact of the COVID-19 pandemic with a greener and more digitalised economy.

The amount is 9% of a total of 25.6 billion euros in grants which Germany will get from the Fund in the coming years. Payouts will be tied to the implementation of its recovery plan submitted to the European Commission.

The EU executive singled out certain projects proposed by Germany.

“Particularly welcome are the measures to support disadvantaged groups and facilitate women’s participation in the labour market, for instance through expanded childcare services and all-day schooling,” Economy Commissioner Paolo Gentiloni said in a statement.

“These are challenges that the Commission has long recommended that Germany address,” he said.

Close to a dozen EU countries have already received their first tranches of EU funding in recent weeks. The Commission is targeting up to 80 billion euros this year in bonds and EU-Bills to fund the first tranche of disbursements to EU countries.