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Friday, October 22, 2021

Reconstruction Fund – Slovakia got money from the EU. Three countries are waiting, including Poland

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Slovakia received € 822.7 million in pre-financing from the Reconstruction and Resilience Fund (RRF) from the European Commission. This amount is 13 percent of the allocation to Bratislava under this financial instrument. Three more countries, including Poland, are waiting for EU funds.

The EC announced that it would approve further payments based on the assessment of the implementation of investments and reforms presented in the National Plan for the Reconstruction of Slovakia. During the entire period of the KPO implementation, the country is to receive a total of around EUR 6.3 billion in subsidies.

Reconstruction Fund – Slovakia got money from the EU

The Slovak plan includes improving energy and environmental performance of at least 30,000 housing, promoting decarbonisation technologies in industry, improving the quality and efficiency of healthcare services.

– I am pleased that Slovakia will receive its first payment of EUR 822.7 million under NextGenerationEU. (…) I particularly welcome investments and reforms supporting renewable energy, digitization of enterprises and improving the quality of education and healthcare services, commented the President of the European Commission, Ursula von der Leyen.

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Which countries got money from the Reconstruction Fund?

The EC has approved so far 22 out of 25 National Reconstruction Plans submitted. Still waiting for approval KPO of Poland, Hungary and Sweden. Bulgaria and the Netherlands have not yet presented their plans and have not asked the European Commission to pay out funds from the Reconstruction and Resilience Fund.

12 countries approved of the plans received advances from the Reconstruction Fund.

So far, the EC has issued five pools of bonds to finance the RRF. In this way, it obtained 66 billion euros.

The Reconstruction Fund – what is it?

The Reconstruction Fund aims to revive the EU economy after the COVID-19 pandemic, and at the same time to respond to the greatest challenges of our time: climate and digital transformation. To receive support, EU Member States must submit their national reconstruction plans to the European Commission.

In each national plan, at least 37%. the budget is to be allocated to the climate, and at least 20 percent. – for activities in the field of digitization. Plans must also have lasting social and economic impacts, include comprehensive reforms and solid investment packages, and must not significantly hinder the achievement of environmental objectives.

The 27 EU countries reached an unprecedented deal last year to jointly lend € 750 billion for the Reconstruction Fund, a recovery instrument after the coronavirus crisis. For the plan to be implemented, all 27 EU countries had to ratify the decision on new own resources. So far, the EC has issued four pools of bonds to finance the RRF. It was obtained in this way 54 billion euros.

In the National Reconstruction Plan, Poland requested the payment of all funds transferred as non-returnable funds (i.e. EUR 23.9 billion) and EUR 12.1 billion from the loan part. This is a total of EUR 36 billion.

Main photo source: Shutterstock

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