The European Commission announced on Thursday that Germany has received a payment of 4 billion euros ($4.4 billion) from the European “Recovery and Resilience Fund,” marking the first such disbursement since the fund’s establishment during the COVID-19 pandemic.
Berlin had submitted the payment request in mid-September, and according to the Commission’s calculations, Germany is eligible to withdraw a total of 28 billion euros from the fund. The allocated funds will be directed towards various projects, including the expansion of electric and hydrogen mobility initiatives, digitalization of railways and public administration, vaccine development, and the support of childcare and education.
Established in 2021 to address the economic fallout from the pandemic, the “Recovery and Resilience Fund” comprises 338 billion euros in grants and 385 billion euros in loans. The financing will be accomplished through joint debt, with repayment expected by 2058.
