Italy Pockets 7th Instalment of Its NRRP Cash from EU

Brussels: The European Commission said Friday that it has approved payment of the seventh tranche of Italy’s National Recovery and Resilience Plan (NRRP) worth 18.3 billion euros. The NRRP seeks to make the Italian economy greener and more modern with projects financed with the help of 194.4 billion euros in EU grants and low-interest loans under the bloc’s post-Covid Recovery Fund.

According to Ansa News Agency, the payments are conditional on Italy passing milestones, including a number of structural reforms. The latest tranche takes the amount paid out to Italy to 140.4 billion euros, 72% of the total allocation. European Affairs Minister Tommaso Foti said the payment confirms that Italy is the leader at the EU level when it comes to implementing its NRRP.

“It follows the successful submission of the request for the payment of the eighth instalment, which will make it possible to exceed the 153-billion-euros mark, approximately 79% of the plan’s total financial allocation, proving that 100% of the planned objectives have been achieved in full compliance with the timetable set by the Commission,” he said. The Commission said the latest funds will finance projects aimed at increasing competition and transparency, improving rail accessibility for passengers with disabilities, and enhancing renewable energy distribution capacity.