EU's Recovery Fund distributes EUR 293 million to Latvia
The European Commission has approved Latvia's implementation of 38 reform and investment indicators set out in the Recovery and Resilience (RF) plan, marking a significant milestone in the country's recovery from the economic impact of the pandemic.
At an event attended by Minister of Education and Science, Dace Melbārde, as well as the rectors of the University of Latvia and Riga Technical University, Latvia's European Commissioner, Valdis Dombrovskis, presented Minister of Finance Arvils Ašeradens with a payment certificate for a third installment of €293 million under the RF plan.
This third phase of the RF plan involved fulfilling 38 indicators, bringing the total amount received by Latvia to €1.013 billion, which is approximately 55% of its total allocation of €1.97 billion. The first phase of the RF plan saw Latvia fulfill 9 indicators and receive €201 million, while the second phase, with 43 indicators, brought in €336 million.
The EU's Recovery and Resilience Facility (RRF) provides grants and loans to support reforms and investments in EU Member States, with a total value of €723.8 billion. To receive funds under the RRF, Member States need to prepare Recovery and Resilience Plans, outlining specific reforms and investments aimed at boosting the economy, improving resilience, and promoting green and digital transitions.
Member States must fulfill the relevant milestones and targets to receive funds under the RRF. The Commission assesses the satisfactory fulfilment of each milestone and target before any disbursements under the RRF can flow. Dombrovskis called for accelerating the pace of implementation of the remaining reforms and investments.
Latvia has been investing in digital infrastructure, such as building high-speed connections in rural areas and enhancing mobile connectivity along the Via Baltica corridor, but these are not specifically linked to the RRF in the provided information. Other examples of Latvia's use of the opportunities of the Recovery Fund include the construction of industrial parks, the provision of laptops to students, the construction of low-rent housing in the regions, and the promotion of the competitiveness of science.
The EU Recovery and Resilience Scoreboard is an interactive tool to consult the plans of different EU Member States and track the disbursements made to date. For detailed insights into Latvia's RRF implementation, it would be necessary to consult official EU documents or communications from the Latvian government.
As Latvia continues to navigate its recovery, the third payment of €293 million serves as a testament to the country's progress in meeting the facility's requirements and its commitment to the green and digital transitions.
Eu's Recovery and Resilience Facility (RRF) disbursed €293 million to Latvia as the third installment under the Recovery and Resilience (RF) plan, bringing the total amount received to €1.013 billion. This financial support is intended to aid Latvia in fulfilling its business reforms and investments aimed at boosting the economy, improving resilience, and promoting green and digital transitions.
