Brussels: The European Commission announced on Tuesday that it had given a positive preliminary assessment of Italy’s latest request for financial aid, marking a key step in supporting the country’s economic recovery. The request, part of the EU’s broader Recovery and Resilience Facility (RRF), aims to bolster Italy’s economy, which is currently facing sluggish growth.
In a statement, the Commission confirmed that Italy’s request for an 8.7 billion euros ($9.10 billion) payment had been endorsed. This payment is part of Italy’s overall allocation of 194.4 billion euros in loans and grants under the EU’s Recovery and Resilience Facility, the largest allocation for any EU member state. The total is intended to be disbursed by 2026, a significant boost to Italy’s economic recovery efforts.
The payment process involves a final step after this positive assessment, with the European Commission forwarding its evaluation to the EU’s Economic and Financial Council (EFC). Once both the Council and the Commission provide final approval, the payment will be released.
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This approval is a crucial part of Italy’s plan to use EU funds for economic recovery, particularly in light of the challenges faced by the eurozone’s third-largest economy. The funding, which is part of the NextGenerationEU program, is expected to drive economic reforms and investments in sustainable growth.
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