ANNOUNCEMENT 06 Jul 2021
In July 2021, the European Parliament approved Germany's national recovery and resilience plan and finalised the process necessary to provide financing for the amount of EUR 25.6 billion (approx. USD 30.3 billion).
NUMBER OF INTERVENTIONS
EUR-Lex. Official Journal. "COUNCIL IMPLEMENTING DECISION on the approval of the assessment of the recovery and resilience plan for Germany". 06/07/2021. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CONSIL%3AST_10158_2021_INIT&qid=1628519228673
EUR-Lex. Official Journal. "ANNEX to the Council Implementing Decision on the approval of the assessment of the recovery and resilience plan for Germany" 06/07/2021. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CONSIL%3AST_10158_2021_ADD_1&qid=1628519228673
European Council, Council of the European Union. Press releases. “Council gives green light to first recovery disbursements”. 13/07/2021. Available at: https://www.consilium.europa.eu/en/press/press-releases/2021/07/13/council-gives-green-light-to-first-recovery-disbursements/
European Commission. Factsheet: Germany's recovery and resilience plan. 23/06/2021. Available at: https://ec.europa.eu/info/system/files/germany-recovery-resilience-factsheet_en.pdf
On 6 July 2021, the European Parliament approved Germany’s national recovery and resilience plan, thereby allowing the country to benefit from finance under the Recovery and Resilience Facility (see related state act). The approved budget was set at EUR 25.6 billion (approx. USD 30.3 billion).
The support takes the form of a grant to the German government, financed under the Recovery and Resilience Facility. The grant will support local companies with a special focus on green transition, digital transition and economic resilience. The specific instruments used to support companies are still unspecified to date. With regards to the beneficiaries, no specific requirements in terms of economic sector and size of undertaking were announced. Regardless, according to the authorities, projects related to hydrogen production, electric cars, and microelectronics (semiconductors) will be among the top beneficiaries.
On 13 July 2021, the scheme was formally adopted and the financing tranches were issued. The scheme will be in force until 31 December 2023.
A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the support granted here is discriminatory.
Recovery and Resilience Facility
In February 2021, the EU adopted Regulation (EU) 2021/241 establishing the Recovery and Resilience Facility (RRF) with total funds up to EUR 672.5 billion (approx. USD 813.2 billion). The RFF aims to provide significant financial support to step up the implementation and recovery of the COVID-19-induced economic and social crisis.