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Economy

Greece to Get 3.85% of RRF Funds after Incorporation of REPowerEU Plan, FinMin Says

ATHENS – An Ecofin decision to incorporate the REPowerEU programme in an update of national Recovery and Resilience plans will allow the strengthening of strategic energy infrastructure which further enhances the national advantage of diversifying energy sources and routes, along with cross-border connections, boosting energy economy, environmental footprint and the country’s regional role in the energy map, Greek Finance Minister Christos Staikouras said.

Commenting on the Ecofin decision, Staikouras said this initiative was announced by the European Commission on May 18, 2022 with the aim of speeding up the transition of Europe’s energy system in order to address energy shortfalls and climate crisis and to stop the EU’s dependence on fossil fuel, mostly of Russian origin.

The Greek FinMin added that the measures included in the REPowerEU plan are expected to meet this ambition, through energy saving, altering energy supply and a faster expansion of renewable energy sources to replace fossil fuels and help boost economic growth, security and climate action. Staikouras said measures already included in the approved national Recovery and Resilience plans could be included to the new fund and get extra funding. Under the plan, Greece will be allowed to get 3.85% of the new funds resulting from the distribution of around 225 billion euros of non-distributed funds from the Recovery and Resilience Facility.

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