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Italy receives initial €24.9bn of EU recovery funds

13 agosto 2021 | 17.31
LETTURA: 1 minuti

Italy's prime minister Mario Draghi
Italy's prime minister Mario Draghi

Italy has received an initial 24.9 billion euros of post-pandemic recovery funds from the European Union - one of the first countries to do so, premier Mario Draghi's office said in a statement on Friday.

"These massive resources require all of us to show responsibility...towards ourselves, our future and towards Europe," said the statement.

"We want to see an enduring, equitable and sustainable recovery - for this reason the funds must to be spent effectively and honestly," the statement underlined.

Italy is due to get 191.5 billion euros in grants and low-interest loans between now and 2026 from the EU - the biggest share of the bloc's 750 billion euro war chest to help rebuild countries' Coronavirus-ravaged economies.

Rome will spend around 248 billion euros in total to modernise Italy's public administration, businesses, invest in its education sector and 'green' its economy and transport systems.

The European Commission approved Italy's post-pandemic National Recovery and Resilience Plan on 22 June.

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