The European Commission released subsidies in the amount of 702 million euros (17.7 billion CZK) to the Czech Republic as part of the extraordinary recovery fund intended to mitigate the consequences of the economic crisis. The EC stated this in its statement. The EU executive announced its approval for the payment of this money already in February. According to the commission, the Czech Republic met the conditions in order to receive additional funding from the National Recovery Plan.
“On Tuesday, the Commission paid the Czech Republic a second payment of 702 million euros in the form of grants under the Recovery and Resilience Instrument. As with all other member states, the payments provided to the Czech Republic under this instrument are based on the results achieved and the implementation of the investments and reforms set out in the Czech recovery plan,” the European Commission said in a statement.
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The Czech Republic submitted a request for the second payment last December 6. The European Commission then announced in February this year that the Czech Republic had “satisfactorily met 28 milestones and targets” and approved subsidies in the amount of 702 million euros. The first regular payment was approved by the commission to the Czech Republic already last February, when it involved subsidies in the amount of 928 million euros (23.5 billion CZK).
The National Recovery Plan has six pillars: digital transformation, ecological transformation and physical infrastructure, education and labor market, research, development and innovation, public administration and health. Last September, the European Commission approved its revised form and, at the same time, an increase in the amount of money intended for the Czech Republic by 2.2 billion euros to 9.2 billion euros (232.5 billion crowns). Of this, 736 million euros (18.6 billion crowns) is money from the REPowerEU project, which is to be used for investments in the distribution network, renewable sources and clean transport. The Czech Republic can draw money from the National Recovery Plan in nine payments.
The National Recovery Plan was created to mitigate the effects of the COVID-19 disease epidemic and restart the economy with the use of European money from the EU Recovery and Resilience Instrument between 2021 and 2027. The primary goal of the Czech recovery plan is to increase economic prosperity and improve the quality of life.
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Tags: European Commission released million euros subsidies Czech Republic alleviate economic crisis
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