Greece Secures €18 Billion from EU's Recovery Fund
ATHENS (Reuters) - Greece has received 18 billion euros ($18.5 billion) in grants and loans from the European Union's Recovery Fund since 2021, equivalent to about 8% of its economic output, the government said on Thursday.
After years of under-investment due to a 2010-2018 financial crisis, Greece has improved its uptake of European funds, tackling bureaucracy and helping its economy grow faster.
Greece is eligible for a total of 36 billion euros in grants and loans from the post-pandemic fund until 2027 and the resources were expected to leverage total investment of more than 60 billion euros in medium-sized companies, green energy, digitisation and infrastructure.
Athens will put in a request to receive another 3.9 billion euros from the Recovery Fund by May, which would help the country achieve its target for economic growth of 2.3% this year, up from 2.2% in 2024, deputy Finance Minister Nikos Papathanasis said during a press conference.
"Our economy once again recorded growth rates much higher than the European average, continuing to be among the top in the EU in terms of absorption of resources from the Recovery Fund," Papathanasis said.
Greek public investment - which draws funding mainly from the EU, including the Recovery Fund, as well as from the state budget - will come in at 14.1 billion euros this year and reach 16.4 billion euros in 2026, according to finance ministry data.
($1 = 0.9734 euros)
(Reporting by Lefteris Papadimas; Editing by Mark Potter)
