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 5 pillars (Pillar 1: Green Transition, Pillar 2: Digital Transformation, Pillar 3: Employment, Skills, Social Cohesion and Pillar 4: Private Investment and Economic Transformation). These loan funds will be made available through a financial mechanism set up for this purpose, which provides for the financing of investment projects with a maximum participation of 50% by the Recovery Fund, a minimum participation of 30% by the Bank and 20% by the company itself.
Who it concerns
Eligible are companies that are established or have a branch in Greek territory at the time of commencement of the investment project and have one of the following forms:
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 for the development of investment projects in 4 pillars (Pillar 1: Green Transition, Pillar 2: Digital Transformation, Pillar 3: Employment, Skills, Social Cohesion and Pillar 4: Private Investment and Economic Transformation).
These loan funds will be made available through a financial mechanism set up for this purpose, which provides for the financing of investment projects with a maximum participation of 50% by the Recovery Fund, a minimum participation of 30% by the Bank and 20% by the company itself.
Amount of subsidy
The amount of financing of the Investment Plan from the TAA Loan is calculated according to the existence of a budget of eligible investment costs in the four (4) pillars of the TAA Loan Programme and the coverage of specific criteria per pillar. In case an investment project is eligible under more than one pillar, the quotas of the pillars are aggregated, with a maximum TAF loan quota of 50%.
The Recovery Fund funds carry a very low interest rate (currently 0.35%), subject to the limits set by the State aid frameworks, while the Bank's funds carry standard commercial pricing terms. The confirmation of the compatibility of the investment projects with the investment conditions and objectives of the Recovery Fund will be carried out by a team of Certified Independent Auditors.
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 (4) Pillars that make up eighteen (18) 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 the 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 the 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
