Recovery Fund: 12 billion euro investments for Greece coming in 2023

The Vice President of the European Commission, Margaritis Schinas, characterized the Recovery Fund as an unprecedented experience for a huge economic leap. He considers the plan to be “well structured”, estimating that the resources will bring thousands of jobs to Greece by 2026.

The above was said at an event on the Implementation of the Recovery and Resilience Plan in Greece, which is taking place today and is co-organized by the European Commission, the Special Service for Coordination of the Recovery Fund of the Ministry of Finance and the Foundation for Economic & Industrial Research-IOBE.

Furthermore, Mr. Schinas emphasized that the traditional development model should be changed, adding that 40% of the resources concern the green transition and over 1/5 digitization. In fact, he meaningfully noted that the Fund gives a very strong basis to the stimulation of private investments, speaking of an innovative tool, which can use 400 million euros to leverage close to 1.5 billion euros

He also said that the specific tool concerns “existing market players”, but also the future.

Regarding Greece, Mr. Schinas praised the speed with which the government is implementing the plan, adding that “The Greek plan has been implemented, according to the original diagram it shows that this structure is working”.

Dep. Fin. Min.: 12 billion investments are coming in 2023

For his part, Deputy Minister of Finance Theodoros Skylakakis emphasized the swiftness of the Fund and the government which moved quickly through the first phase and have done very well in terms of loans. Furthermore, he spoke of “Significant response”, to add that “We are entering the most difficult part with the implementation of public projects”, while meaningfully noting that the government will be judged by its ability to utilize these resources.

In addition, he noted that “We will test the real strength of the market”, to add that we will “need to double the rate of payments in 2023 to reach 12 billion”. investments”.

Mr. Skylakakis also mentioned that digital projects will multiply what the market does by a factor of 3 to 4.