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Italy gets 25 billion euros in first tranche of EU virus recovery fund

FILE PHOTO: EU's Economy Commissioner Paolo Gentiloni poses as finance ministers from across the G7 nations meet at Lancaster House in London, Britain June 5, 2021 ahead of the G7 leaders' summit. Alberto Pezzali/Pool via REUTERS

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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