Add us as your preferred source on Google to see more of our content in Search.
Add to Preferred SourcesThe Recovery and Resilience Facility (RRF), Europe’s centerpiece of fighting the medium- and long-term negative effects of the COVID-19 pandemic is well underway. By November 2021, 22 Member States’ National Recovery and Resilience plans have been approved by the Council, getting the green light to use newly created recovery resources. Over €52 billion have already been disbursed to the Member States.
Yet the impact of the pandemic has not only warranted immediate recovery support but also hardened already existing structural problems and deepened investment gaps. The financial dimensions of these challenges are huge and cannot be solved by public funding alone. It is essential to leverage public money and make additional private funds available to the real economy.
The EIB Group supports the Member States, like Greece and Italy, in leveraging their RRF resources and facilitating its implementation. Member States can for instance mandate the EIB as fund manager as well as make use of EIB’s advisory services. In Greece for instance, the Bank will help manage up to €5 billion to support the country’s Recovery and Facility Agency. Countries will benefit from the EIB’s technical, economic, and financial expertise in identifying high-impact projects and deploying effective financial structures, to make the best use of their RRF funds.