Tuesday, June 25, 2024
Tuesday, June 25, 2024
Home » Italy Receives Third Tranche of NRRP Funding Worth 18.5bn

Italy Receives Third Tranche of NRRP Funding Worth 18.5bn

by Charlie Atkinson

Italy has received the third installment of European Union funding for implementation of its post-Covid national recovery and resilience plan (NRRP), European Commission spokeswoman Veerle Nuyts said on Monday.

Payment of the 18.5 billon euro tranche is “an important step in the implementation of the Italian plan as the third payment includes far-reaching and transformational reforms and investments,” said Nuyts.
Italy requested the third tranche at the end of 2022, but the Commission only agreed to OK payment at the end of July after the government rejigged the NRPP and moved some milestones to the measures covered by the fourth installment, worth 16.5 billion euros.

“The payment of the third instalment follows the Commission’s positive assessment on the achievement of the 54 objectives and targets set out in the Plan, an assessment that was then confirmed by the EU Member States,” said European Affairs Minister Raffaele Fitto.

Now it is “onwards and upwards with the work on the fourth installment,” he added.

The proposed changes to the measures to be implemented in exchange for the fourth installment of payment include incentives for energy efficiency, an increase in childcare facilities, the development of the space and film industries, and sustainable transport.

Italy also added a milestone on increasing student accommodation that had initially been linked to the third tranche.

These proposed changes have now been approved by both the European Commission and the European Council, making it possible for Italy to formally request payment of the fourth tranche.

Last month Fitto said the payment would arrive by the end of the year.

Source: ANSA

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