Portugal, Luxembourg, Belgium given first EU recovery funds tranches

Portugal, Luxembourg and Belgium on Tuesday received their first tranches from the 800 billion euro EU recovery fund aimed at helping them rebound from the pandemic and make their economies greener and more digitalised, the EU press service reported.

The payout amounted to 13% of the total allocated to each of the three countries. The Commission disbursed €2.2bn to Portugal, €770m to Belgium and €12.1m to Luxembourg. Further payouts are tied to the implementation of objectives and reforms set out in each country's proposal.

The Commission has earmarked a total of 16.6 billion in grants and loans for Portugal, 5.9 billion in grants for Belgium and 93.4 million in grants for Luxembourg. It aims to raise as much as 80 billion euros by year-end to finance the recovery fund, one of several borrowing operations expected in coming years.

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