The European Commission has officially approved the payment to Belgium of the second tranche of Recovery and Resilience Facility cash. This amounts to over 900 million euro and follows the successful implementation of 46 pre-agreed milestones and targets.
European Commission gives green light for payment of second tranche of European recovery fund cash to Belgium
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Belgium is entitled to a total 5 billion euros in grants and 264 million euro in loans from the EU’s Recovery and Resilience Facility. The fund set up to help EU member states recover economically following the COVID-19 pandemic by boosting investments and reforms, in particularly with regard to green innovation and the digital transition. In order to receive grants and/or loans countries had to submit plans containing targets and milestones.
The European Commission had already given a provisional green light to Belgium's second payment request. This is made up of 869 million euro in grants and 40 million euro in loans. On Monday Belgium’s federal government was officially informed that the second tranche request had been approved.
The Federal Budget Minister Vincent Van Peteghem (Flemish Christian democrat) told journalists that “The approval was not a matter of course, but the result of intensive work and structural progress. Despite a legacy of inadequate pension reforms during the previous legislature, we have taken the reign firmly with this government, showing that Belgium honours its commitments and deserves the Commission’s trust."
The European Commission will now transfer the payment request to the Economic and Financial Committee that has to give its opinion within four weeks. Once a positive evaluation has been made the money will be transferred.
Once the second tranche has been paid out Belgium will have received a total of 1.55 billion euro from the Recovery and Resilience Facility. Belgium has already started the process for a third payment request.