Greece Aims for National Recovery with 160 Projects

Greece is aiming to get on track to recovery with 160 actions worth 60 billion euros to be channeled into digital transformation, boosting employment, enhancing health, education, and social cohesion, the green economy, and attracting investment.

On Monday, during a ministerial meeting, Greek Prime Minister Kyriakos Mitsotakis presented the National Recovery Plan, which he said will add 7 points to Greece’s GDP over the next six years and create 200,000 jobs.

The 160 actions in the plan “concern projects, investments, reforms, are spread across Greece in a very specific timeframe and concern all Greek citizens”, he said.

Mitsotakis explained that the “gigantic effort” which concerns the standard of living of all citizens, has the potential to mobilize approximately 60 billion euros, with 32 billion euros already secured, 19 billion euros in grants, and the rest in lending and private sector support.

“We estimate that total resources amounting to 57 billion euros can be mobilized,” he said.

He went on to refer to private investment, which is eligible for funding provided own cash has also been invested and plans have been approved and are already for implementation.

Greek Prime Minister Kyriakos Mitsotakis during the Ministerial meeting.

The government is aiming to have the first disbursements before the end of the summer, after approval by the Council of Ministers. The plan will then go through parliament before a final draft is submitted in Brussels.

“It is a unique opportunity to radically change the model of the Greek economy. To lead it to a more extroverted, more competitive model, with a more efficient and digitized state, with a tax system that will be friendly to development, with many big projects, but also with an expanded web of social protection,” said Mitsotakis.

The Tatoi estate. Photo source: Ministry of Culture

Among priority projects, the prime minister referred to the refurbishment and upgrade of the former royal estate at Tatoi, which was until now in a state of neglect, and which he said, once completed will provide a diverse range of recreational choices for Attica residents.

Mitsotakis added that funding will go into projects that will enhance Greek society’s resilience with investments in health, education, employment, civil protection, as well as energy saving and upgrade programs, spatial planning reforms, renewable energy, electric transport, and protection of biodiversity.