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EC gives green light to Latvia's Recovery facility

On Tuesday, July 13, the Economic and Financial Council of the European Union (ECOFIN) approved the Latvian Recovery and Resilience Facility, with investments of €1.82 billion, according to the Finance Ministry.

According to the ECOFIN release, Austria, Belgium, Denmark, France, Germany, Greece, Italy, Latvia, Luxembourg, Portugal, Slovakia and Spain 'got the green light Tuesday for the use of EU recovery and resilience funds to boost economies and recover from the Covid-19 fallout.'

The contract for funding is scheduled to be concluded in August and the health sector will receive the aid first, according to the Finance Ministry.

The plan aims to address challenges in areas such as healthcare, education and skills, social inclusion, research and innovation, affordable housing, public administration, business environment, the fight against shadow economy and money laundering, said FM.

Latvia will soon be able to receive the first payments. "The next steps are the signing of the financing agreement, because the countries, including Latvia, will be able to receive 13% pre-financing on the basis of the financing agreement. In Latvia's case, it will be €237 million [..] Other payments will already depend on the implementation of specific investment projects and reforms. In particular, the plan also provides for milestones on the basis of which Latvia will be able to receive future payments," said Valdis Dombrovskis, EC Executive Vice-President, in an interview on Latvian Radio.

More information about the facility is available on this website.

 

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