Portugal bags €1.6Bn in RRP grants

 In EU, EU Bazooka, News

The European Commission has announced that Portugal would receive a further €1.634Bn in grants for Portugal’s RRP. (Recovery and Resilience Programme)

The announcement that it would get an extra €1.6Bn was made by the European Commission a day after the President of the European Central Bank, Christine Lagarde was in Sintra for the annual ECB Forum conference.
“In the case of Portugal, the new maximum available for grants will be €15,544,449 (€15.5Bn)”, it states, indicating that it represented an increase on the back of the Recovery and Resilience Mechanism (RRM) of €1.634Bn.
“The amendment takes into account the difference between real GDP growth estimated in the forecasts for the economy in the autumn of 2020 which, at the time the regulation was adopted, were the latest economy forecasts available, as well as current data provided by Eurostat”.
According to the European Commission, the amendment will lead to some changes in the RRM (Recovery and Resilience Mechanism) grants available for Member-States, and for them to “come into force”, the changes will have to be reflected in an implementation decision for the amendments updated by the Member-States involved.