Papathanasis: €27.5 Billion in Signed RRF Investments –€4.8 Billion New Disbursement Package Coming in Autumn

Greece’s National Economy and Finance Deputy Minister Nikos Papathanasis presented the latest progress update on the country’s Recovery and Resilience Facility (RRF), highlighting that signed investment contracts have reached €27.5 billion, with total investments expected to approach €30 billion in the coming period.

Speaking during the quarterly briefing on financial instruments, Papathanasis underlined that Greece is entering the final implementation phase of the Recovery Fund, with new disbursements and milestone-based requests scheduled through the end of the year.

€27.5 billion in signed investments

According to the ministry’s data:

• €27.5 billion in investments have already been contractually signed under the RRF loan scheme,
• this figure is expected to rise to around €30 billion once remaining contracts are finalized.

Papathanasis argued that these investments have had a measurable impact on growth, contributing to GDP expansion above the EU average.

New €4.8 billion package in the autumn

The government is preparing a new major funding cycle for the autumn, including:

• the 9th payment request worth €3.8 billion, linked to 134 milestones,
• and an additional loan disbursement request.

Together, these will form a new package of approximately €4.8 billion in EU inflows.

Earlier, the 8th payment request of €1.4 billion (grants) and €1.2 billion (loans) will also be submitted, bringing the total upcoming requests to €2.6 billion in the next phase alone, according to the ministry.

“The loan pillar is essentially complete”

Papathanasis emphasized that the loan component of the Recovery Fund is effectively завершed, stating that:

“The loan arm has essentially been completed with great success.”

He also noted that six out of eight loan milestones have already been achieved ahead of schedule, signaling accelerated implementation.

Impact on SMEs and housing support

The update also highlighted strong uptake in key support schemes:

“Spiti Mou 2” housing program

• Around 14,000 beneficiaries approved
• Total loans: €1.7 billion
• Average beneficiary income: €20,800

InvestEU SME support

• 15,170 SMEs already financed
• Around 20,000 additional SMEs expected
• Total projected beneficiaries: ~35,000 SMEs

Officials described this as one of the largest credit expansion programs for small businesses in recent years.

Broader funding ecosystem

Papathanasis also pointed to broader financial instruments:

• Greece ranks 6th in EU absorption of ESF+ (2021–2027) funds
• Public Investment Program reaches €16.7 billion, the highest in 17 years
• New initiatives include:
  • GReco Islands (green transition for islands)
  • road safety upgrades
  • entrepreneurship support for graduates
  • defence and technology investment schemes (STEP)
  • continued rollout of the Personal Assistant program

Institutional coordination and execution pressure

According to Orestis Kavalakis, head of the Recovery Fund Coordination Unit, all loan resources have already been allocated to banks, with the remaining challenge being the finalization of contracts before the May deadline.

He confirmed:

• 798 contracts signed, totaling €27.5 billion
• Composition:
  • €12.5 billion RRF loans
  • €8.8 billion bank financing
  • €6.2 billion private equity
• 489 contracts involve SMEs

The bottom line

The government presents the Recovery Fund as a success story of rapid deployment and strong investment absorption, with billions already contracted and thousands of businesses supported.

The next phase, however, will test whether this momentum translates into fully executed projects and measurable economic output, as Greece moves from funding allocation to real-economy implementation.