The European Commission has today disbursed €822.7 million to Slovakia in a pre-financing payment under the Recovery and Resilience Facility (RRF). This is equivalent to 13% of the country's total financial allocation under the RRF. The pre-financing payment will help to kick-start the implementation of the crucial investment and reform measures outlined in Slovakia's recovery and resilience plan.
Slovakia is set to receive a total of €6.3 billion in grants under the RRF. The Commission will authorise further disbursements based on the implementation of the investments and reforms outlined in Slovakia's recovery and resilience plan.
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 in long-term funding, complemented by short-term EU-Bills, to fund the first planned disbursements to Member States under NextGenerationEU.
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 Slovak plan is part of an unprecedented coordinated EU response to the COVID-19 crisis to address common European challenges, in particular the green and digital transitions and to strengthen the cohesion of the Single Market.
Supporting transformative investments and reform projects
The RRF in Slovakia will finance measures that will have a profound effect on Slovakia's economy and society. These include the following projects:
-Supporting the green transition: The Slovak plan includes €528 million to finance a large-scale renovation wave to improve energy and green performance of at least 30,000 residential units. It will also provide €368 million to promote energy efficiency and innovative decarbonisation technologies in industry.
-Supporting the digital transition: The plan will invest €102 million to finance an energy efficient supercomputer, which will offer its services to members of the European High Performance Computing project, and a network of digital hubs to assist businesses with digitalising their processes.
-Reinforcing economic and social resilience: The plan provides €1.2 billion to improve the quality and effectiveness of healthcare services, including through renovating existing hospitals and constructing new ones.
Members of the College said
President Ursula von der Leyen said: “I am delighted that Slovakia will receive its first disbursement of €822.7 million under NextGenerationEU. This is an important step in implementing the measures contained in Slovakia's €6.3 billion recovery and resilience plan. I welcome, in particular, the investments and reforms to support renewable energy, the digital readiness of businesses and improvements to the quality of education and healthcare services. We will stand by Slovakia in the years ahead to ensure that the plan delivers on its full potential.”
Johannes Hahn, Commissioner for Budget and Administration said: “It is great news that our NextGenerationEU funds raised on the financial market continue to reach EU countries swiftly. This is a clear demonstration of the EU delivering on the ground. I am sure our support will soon become visible in the green and digital projects that Slovakia is putting into place, to the benefit of its citizens and our common future.”
Paolo Gentiloni, Commissioner for Economy, said: “This pre-financing of €822.7 million marks a further step in the implementation of Slovakia's recovery and resilience plan, which will see the country benefit from a total of €6.3 billion in grants over the coming years. Slovakia's ambitious plan will drive forward the green and digital transition. It will help to boost investment in renewable energy, sustainable transport and the decarbonisation of industry. It will also support reforms to improve education and healthcare, while ensuring both the adequacy of pensions and the sustainability of the pension system.”
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