Portugal to receive next tranche of €1Bn RRM funds

The European Union has given the thumbs up to the seventh request for payment of Recovery and Resilience Plan funding worth €1Bn after giving a positive evaluation of the way monies have been spent so far. It brings the execution rate to date at 47% of the total of nearly €17Bn.

It is the seventh request for payment from the Recovery and Resilience Mechanism (RRM) from the NextGenerationEU programme.

The European Commission has concluded that Portugal has satisfactorily met 11 benchmarks and 16 targets outlined by the Decision of the Execution of the Council.

The 7th payment request has 27 benchmarks and targets, 21 have to do with investments and six to reforms.

Apart from Portugal, Greece and Slovenia also had their payments of almost €4Bn approved. The RRP has an execution period to 2026 and plans to implement a range of reforms and investments aimed at modernisation and the recovery of economic growth.

According to the CEO of Portugal’s Development bank Banco Português de Fomento, Gonçalo Regalado, who was the guest speaker art the International Club of Portugal on Tuesday, the latest execution rate stands at over 60% with a pledge that “we will execute 100%” but admitted the government might need a modest extension.