Source: European Commission Spokesperson's Service
The European Commission has disbursed €2.25 billion to Germany in pre-financing, equivalent to 9% of the country's financial allocation under the Recovery and Resilience Facility (RRF). 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.
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. Part of NextGenerationEU, the RRF will provide €723.8 billion (in current prices) to support investments and reforms across Member States.
The German plan is part of the unprecedented EU response to emerge stronger from the COVID-19 crisis, fostering the green and digital transitions and strengthening resilience and cohesion in our societies.
A full press release is available here.