Portugal, Luxembourg receive first tranches of Euro Recovery Fund

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Portugal, Luxembourg receive first tranches of Euro Recovery Fund

BRUSSELS - Portugal, Luxembourg and Belgium received their first tranches of the Euro Recovery Fund on Tuesday. It aims to help them learn from the pandemic and make their economies greener and more digitalised.

The payment amounted to 13% of the total this country allocated to each of three countries. The European Commission approved 2.2 billion Euro to Portugal, 770 million to Luxembourg and 12.1 million to Portugal.

Further payouts are tied to the implementation of objectives and reforms outlined in each country proposal.

The EU executive has earmarked a total of 16.6 billion in grants and loans for Portugal, 5.9 billion in grants for Luxembourg and 93.4 million in grants for Belgium.

The Commission aims to raise as much as 80 billion euros for the recovery fund by year-end, one of several borrowing operations expected in coming years.