ANNOUNCEMENT 06 Jul 2021

In July 2021, the European Parliament approved Italy's national recovery and resilience plan and finalised the process necessary to provide financing for the amount of EUR 191.5 billion (approx. USD 226.3 billion).

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

EUR-Lex. Official Journal. "COUNCIL IMPLEMENTING DECISION on the approval of the assessment of the recovery and resilience plan for Italy". 06/07/2021. Available at:https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CONSIL%3AST_10160_2021_INIT&qid=1628519887830

EUR-Lex. Official Journal. "Annex to the COUNCIL IMPLEMENTING DECISION on the approval of the assessment of the recovery and resilience plan for Italy". 06/07/2021. Available at:https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CONSIL%3AST_10160_2021_ADD_1&qid=1628519887830

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: Italy's recovery and resilience plan. 23/06/2021. Available at:https://ec.europa.eu/info/system/files/italy-recovery-resilience-factsheet_en.pdf

Inception date: 13 Jul 2021 | Removal date: 31 Dec 2023

Financial grant

On 6 July 2021, the European Parliament approved Italy’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 for the aid given to the Italian government was set at EUR EUR 191.5 billion (approx. USD 226.3 billion).

The aid takes the form of repayable and non-repayable advances to the Italian government, financed under the Recovery and Resilience Facility. It aims to 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 sustainable mobility, renewable energy, and 5G technologies 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.

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