Commission welcomes Council’s approval of recovery and resilience plans

The European Commission welcomes the Council’s approval of its assessments of the recovery and resilience plans of the first 12 Member States: Belgium, Denmark, Germany, Greece, Spain, Portugal, France, Italy, Latvia, Luxembourg, Austria and Slovakia. These plans set out the measures that will be supported by the Recovery and Resilience Facility (RRF). The RRF is at the heart of NextGenerationEU, which will provide €800 billion (in current prices) to support investments and reforms across the EU. The Council’s approval paves the way for the payment of up to 13% of the total allocated amount for each of these Member States in pre-financing. The Commission aims to disburse the first pre-financing as quickly as possible, following the signing of the bilateral financing agreements and, where relevant, loan agreements. The Commission will then authorise further disbursements based on the satisfactory fulfilment of the milestones and targets outlined in each of the Council Implementing Decisions, reflecting progress on the implementation of the investments and reforms covered in the plans.