European Commission disburses 24.9 billion euros in pre-financing to Italy for NextGenerationEU
The European Commission has disbursed 24.9 billion euros to Italy in pre-financing, equivalent to 13% of the country's grant and loan allocation under the Recovery and Resilience Facility (RRF, or PNRR in Italy). Italy is one of the first countries receiving a pre-financing payment under the RRF. The pre-financing will help to kickstart the implementation of the crucial investment and reform measures outlined in Italy's recovery and resilience plan.
The Commission will authorise further disbursements based on the implementation of the investments and reforms outlined in Italy's recovery and resilience plan. The country is set to receive 191.5 billion euros in total over the lifetime of its plan (68.9 billion in grants and 122.6 billion in loans).
Today's disbursement follows the recent successful implementation of the first borrowing operations under NextGenerationEU. By the end of the year, the Commission intends to raise up to a total of 80 billion euros in long-term funding, to be complemented by short-term EU-Bills, to fund the first planned disbursements to Member States under NextGenerationEU.
Part of NextGenerationEU, the RRF will provide 723.8 billion euros (in current prices) to support investments and reforms across Member States. The Italian plan is part of the unprecedented EU response to emerge stronger from the COVID-19 crisis, fostering the green and digital transitions and strengthening resilience and cohesion in our societies.
The RRF in Italy finances investments and reforms that are expected to have a deeply transformative effect on Italy's economy and society. Mainly, it aims at securing the green transition (funds of 32.1 billion euros are allocated to this objective), supporting the digital transition (with investments of 13.4 billion) and reinforcing economic and social resilience (thanks to 26 billion euros of planned spending).