The European Commission said Wednesday that it has provided Italy with 24.9 billion euros in advance financing, accounting for 13 percent of italy’s total loans and grants under the European Union’s economic recovery plan.
After Greece, Italy was one of the first countries to receive EU pre-financing. The European Commission said the pre-financing would help Italy accelerate the implementation of the basic investment and reform programmes involved in the economic recovery plan.
Italy is planned to receive 191.5 billion euros from the European Union, including 68.9 billion euros in grants and 122.6 billion euros in loans.
In July 2020, the EU launched an economic recovery programme with a total size of more than 1.8 trillion euros, including a long-term budget of 1.074 trillion euros for 2021-2027 and a recovery fund of 750 billion euros. It is by far the EU’s biggest stimulus package. In December of the same year, EU leaders agreed to implement a recovery plan.