EU endorses Greek recovery plan to 'supercharge investment and growth'

The economic recovery plan of Greece which will "supercharge investment, reform and growth throughout the country" has been endorsed by the European Union (EU).

Under the Recovery and Resilience Plan dubbed "Greece 2.0", the country will receive 30.5 billion euros from 2021 to 2026 (17.8 billion euros in grants and 12.7 billion euros in loans), Xinhua news agency reported.

The fund will be invested in such fields as green and digital transition, healthcare, and job creation, according to the plan unveiled by Ursula von der Leyen, president of the European Commission (EC), and Prime Minister Kyriakos Mitsotakis on Thursday.

"There is no doubt it (the plan) will deeply transform Greek economy which will embrace the twin green and digital transition," von der Leyen said.

She said that all EU-member states will emerge stronger and more resilient.

"The recovery is underway, and we can start to look to the future with hope and with confidence."

On his part, Prime Minister Mitsotakis said that this was a historic moment for Europe and the dawn of a new era.

"The EU Commission's green light for Greece's ambitious 30.5 billion euro recovery plan will supercharge investment, reform and growth throughout the country. A game changer for generations to come.

"Our national plan is based on the spirit of European checks but also on four key pillars: the green transition, digital transformation, employment and social cohesion, and private investment by upgrading the production model.

"The 'Greece 2.0' Plan contains 175 investments, projects and reforms. Together with the NSRF funds and private investments, the total funds that can be mobilised will reach 100 billion euros.

"In a seven-year horizon, they will create an additional 200,000 jobs," he said in a statement.

--IANS

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