Greece has increased its absorption rate of EU resources from the European Structural and Investment Funds (ESIF) 2014-2020 program since July 2019 compared to other member states, the Development & Investments Ministry said recently. The ESIF resources are known in Greece as “ESPA” funds.
According to an overview released by the European Commission, Greece moved up to 8th place with an absorption rate of 56 percent in terms of total payments (including pre-financing) from the 12th spot which it held in July 2019 with 38 percent.
With regard to intermediate payments, Greece is ranked 13th at 44 percent among the 28 EU countries, up five spots compared to July 2019 from 18th and 38 percent, surpassing Spain and Italy, among others.
“Greece’s upward trend in all charts in terms of absorption is evident, considerable and rewarded by European authorities,” said Development & Investments Minister Adonis Georgiadis, adding that the top priority is to ensure that not a single euro of EU resources is lost.
Known as ESPA in Greece, the funds are released through the Partnership Agreement for the Development Framework and are channeled into projects aimed at strengthening Greece’s economy by creating sustainable jobs and supporting sustainable development.