August 13, 2021

BRUSSELS (Reuters) – Italy on Friday received 24.9 billion euros ($29.3 billion), its first tranche of money from the 800 billion euro EU Recovery Fund, aimed at helping the bloc rebound from the impact of the COVID-19 pandemic and also making its economy greener and more digitalised.

Italy has been allocated a total of 191.5 billion euros in grants and loans from the fund. The remaining money will be paid out as the investments and reforms proposed by Rome are implemented.

“It is a once-in-a-lifetime chance for Italy to relaunch the economy and build a sustainable future for the next generations,” European Economy Commissioner Paolo Gentiloni said in a statement. ($1 = 0.8512 euros)

(Reporting by Foo Yun Chee; Editing by Kevin Liffey)

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