EC okays 2nd tranche of Italy's NRRP cash

(ANSA) - ROME, SEP 27 - The European Commission said Tuesday that it has given the green light to Italy's request for a second tranche of cash for its post-COVID National Recovery and Resilience Plan (NRRP or PNRR), worth 21 billion euros, after Rome achieved the necessary reform milestones.
    "Once more good news for Italy," said European Commission President Ursula von der Leyen.
    "The Commission considers that Italy has made sufficient progress in the implementation of its national recovery plan to receive a second payment from NextGenerationEU.
    "Once Member States have given their green light, Italy will receive €21 billion. Italy is showing continued important reform momentum in key policy areas, such as public employment and public procurement.
    "So congratulations, Italia, and keep up the good work! "The Commission stands by you on your way to recovery." The NRRP is being supported by a total of 191.6 billion euros of EU funding, 69 billion in grants and 122.6 billion in loans.
    Of that, 13% was disbursed to Italy in pre-financing in August 2021 and a first payment worth 21 billion euros was handed over in April.
    This second tranche is split between 10 billion euros of grants and 11 billion euros of loans.
    Economy Commissioner Paolo Gentiloni called on Italy's incoming government to stay on the reform path outlined in the NRRP.
    "NextGenerationEU is the strongest common tool we have at our disposal. For Italy, it represents a unique opportunity to build a more competitive and sustainable economy and a fairer society," former Italian premier Gentiloni said.
    "I urge the next Italian Government to ensure that this opportunity is seized. Fulfilling the many remaining commitments contained in the RRP is key to delivering the structural change needed to shift the Italian economy onto a path of strong and durable growth." Premier Mario Draghi's outgoing administration, meanwhile, is working to accelerate progress on achieving the 55 milestones required by the end of the end into to obtain the third tranche of NRRP funding worth 19 billion euros, sources said Tuesday.
    (ANSA).