Greece to get first tranche of EU recovery funds in third quarter

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Greece will receive a first tranche of European Union recovery funds in this year’s third quarter, the country’s finance minister said on Thursday.

“Our expectation is that the first disbursement, about 4.0 billion euros, will take place in the third quarter,” Christos Staikouras told an economic forum in Athens.

Greece formally submitted its national recovery plan to the European Union last month, hoping for a boost to economic growth by as much as seven percentage points over the next six years.

Under the multi-billion euro coronavirus recovery package agreed by European Union leaders last year, Athens is to get 18.2 billion euros ($21.96 billion) in grants and 13 billion euros in cheap loans over the coming years, equal to about 16% of its gross domestic product.

It expects to get added leverage from the private sector via equity capital and loans, meaning total funds for investments will be increased to nearly 60 billion euros.