At the end of July or early August, Italy will receive a first instalment of about €25 billion from the European Commission as part of the Next Generation EU program, according to the Italian economy minister Daniele Franco.
The monies are part of a stimulus package financed by the European Union to relaunch the continent’s economy after the outbreak of the Covid-19 pandemic.
On June 22, the European Commission adopted a positive assessment of Italy’s Recovery and Resilience Plan, opening the way to the disbursement of €68.9 billion in grants and €122.6 billion in loans under the EU’s Recovery and Resilience Facility (RRF). Italy is the main beneficiary of the EU’s recovery plan with a total of €191.5 billion.
According to Italy’s Recovery and Resilience Plan, the country’s programmed investments and reforms will be financed by the €191.5 billion obtained through the RRF and €30.6 billion by a complementary fund established by Italian government, representing a total of €222.1 billion.
The Italian government has earmarked a further €26 billion for the implementation of specific works and for replenishing the Development and Cohesion Fund by 2032, bringing the total to some €248 billion.
In addition to these resources, €13 billion are available to Italy through the REACT-EU program, which are scheduled be spent in 2021-2023.