By Deirdre Tynan • 26 August 2021 • 12:25
The European Commission has disbursed €2.25 billion to Germany in pre-financing, equivalent to nine per cent of the country’s financial allocation under the Recovery and Resilience Facility.
This corresponds to the pre-financing amount requested by Germany in its recovery and resilience plan. The pre-financing payment will help kick-start the implementation of the crucial investment and reform measures outlined in Germany’s recovery and resilience plan.
The Commission will authorise further disbursements based on the implementation of the investments and reforms outlined in Germany’s recovery and resilience plan.
The country is set to receive €25.6 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,” the EU said in a statement on August 26.
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.
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Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla. She moved to Spain in 2018 and is based in Jaen.
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