The National Recovery and Resilience Plan “Greece 2.0” is the national recovery and resilience plan of Greece, which was prepared, approved by the Commission and is now being implemented within the framework of the Recovery and Resilience Facility of the European Commission.
The Facility offers an unprecedented opportunity to accelerate recovery in the European Union and reinforce the commitment for dual green and digital transition.
“Greece 2.0” consists of four pillars: (1) Green transition, (2) Digital transition, (3) Employment, skills and social cohesion (healthcare, education, social protection) & (4) Private investment and economic and institutional transformation. For its implementation Greece has requested the maximum available funding within the framework of the Recovery and Resilience Facility, which amounts to 17,8 billion euro in subsidies and 12,7 billion euro in loans.
HOW IT WORKS
To improve competitiveness and promote private investment and exports, the National Recovery and Resilience Plan, alongside administrative reforms, alsoprovides for the creation of the appropriate framework and the provision of loans for the funding of private investment, which is a very important reform/investment for the reinforcement of competitiveness in Greece.
The promoted investments will be private initiatives co-financed (at least by 50%) by the investors’ own equity and by loans provided by the domestic financial system or/and by European Financial Institutions (EIB-European Investment Bank, EBRD-European Bank for Reconstruction and Development) which concern the following areas
- Green and digital transition
- Economies of scale
- Higher exports
The loans will be directed to investments which fall under the following categories:
- a) digital transformation
- b) green transition
- c) extroversion
- d) economies of scale creation through collaborations, acquisitions and mergers
- e) innovation – research & development
For the provision of the loans/funding three distinct funding channels will be activated:
- a) through European Financial Institutions
- b) through commercial banks
- c) through a business participation fund in the form of a fund-of-funds under the Hellenic Development Bank of Investments (HDBI)
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