By Reuters Staff
2 Min Read
ATHENS, April 12 (Reuters) - The European Union’s lending arm, the European Investment Bank (EIB), will manage 5 billion euros ($5.96 billion) of the money Greece is due to receive from the European Union’s pandemic recovery fund, officials said on Monday.
Under a multi-billion-euro coronavirus recovery package agreed by EU leaders last year, Athens is to get 19.4 billion euros in grants and 12.7 billion euros in cheap loans in coming years, equal to about 16% of its gross domestic product.
“It’s in fact the first EIB cooperation to implement investments by the recovery and resilience facility anywhere in Europe,” Christian Kettel Thomsen Vice-President of the EIB said during a webcast signing ceremony with the leadership of the Greek Finance Ministry.