Recovery and Resilience Fund (RDF)
The Recovery and Resilience Fund (RRF) is the main arm of the Next Generation EU (NGEU), which, together with the Structural Funds, is an integrated package of channelled resources to support European economies in the post-pandemic era.
The total investment resources of the Recovery and Resilience Fund amount to €31.2 billion, of which €12.7 billion will be made available as commercial loans for the development of investment projects across four pillars: Green Transition, Digital Transformation, Employment & Skills, and Private Investment & Economic Transformation. These loan funds will be made available through a dedicated financial mechanism, providing for a maximum participation of 50% by the Recovery Fund, a minimum of 30% by the Bank, and 20% by the company itself.
Eligible are companies that are established or have a branch in Greek territory at the time of commencement of the investment project. This includes trading companies, cooperatives, and other legally recognised business forms operating in one of the four eligible investment pillars.
Program budget
The total investment resources of the Recovery and Resilience Fund amount to €31.2 billion, of which €12.7 billion will be made available as commercial loans across the four pillars. The confirmation of compatibility of investment projects with Recovery Fund conditions will be carried out by a team of Certified Independent Auditors.
Amount of subsidy
The amount of financing from the RRF Loan is calculated according to the eligible investment costs within the four pillars and coverage of specific per-pillar criteria. Where an investment is eligible under more than one pillar, quotas are aggregated, with a maximum RRF loan share of 50%.
The Recovery Fund funds carry a very low interest rate (currently 0.35%), subject to State aid framework limits, while Bank funds carry standard commercial pricing terms.
Detailed description of investments and reforms
The National Recovery and Resilience Plan includes an integrated and coherent set of reforms and investments structured in four Pillars comprising eighteen individual Axes:
Pillar 1: Green Transition
1. Transition to a new environmentally friendly energy model
2. Energy upgrading of the country's building stock and spatial reform
3. Transition to a green and sustainable transport system
4. Sustainable use of resources, climate change resilience and biodiversity conservation
Pillar 2: Digital Transformation
1. Connectivity for citizens, businesses, government
2. Digital transformation of the state
3. Digital business transformation
Pillar 3: Employment, Skills, Social Cohesion
1. Increasing jobs and promoting labour market participation
2. Strengthening digital capacities of education and modernising vocational education and training
3. Strengthening the accessibility, efficiency and quality of the health system
4. Increasing access to effective and inclusive social policies
Pillar 4: Private Investment and Economic Transformation
1. Tax tools more friendly for development and improvement of tax administration
2. Modernisation of public administration
3. Improving the efficiency of the justice system
4. Strengthening the financial sector and capital markets
5. Promoting research and innovation
6. Modernising and improving the resilience of the country's main economic sectors
7. Improving competitiveness and promoting private investment and exports