00:00 [VIDEO PLAYBACK]
00:01 [SPEAKING GREEK]
00:03 [VIDEO PLAYBACK]
00:20 [SPEAKING FRENCH]
00:22 [MUSIC PLAYING]
00:48 - Designed to jumpstart Europe's economies
00:51 due to the various COVID-19 lockdowns,
00:53 the Recovery and Resilience Facility
00:56 was also created to build a digital, greener, and stronger
00:58 future.
01:00 However, in the last few years, Europe
01:01 has been hit by the war in Ukraine and high inflation.
01:05 RRF payments are unlocked when a country meets
01:08 agreed milestones and targets.
01:11 To date, more than a third of the RRF
01:14 has been dispersed, with many countries surpassing the 37%
01:18 they must spend on climate-related projects.
01:21 Annual energy consumption rates have
01:23 dropped by 28 million megawatts across the European continent.
01:28 And almost 9 million people have benefited from measures
01:31 to protect against flooding and wildfires.
01:34 On the digital front, an additional 5.6 million
01:38 households now have high-speed internet access.
01:42 With modernization of public infrastructure
01:44 also a top priority, the current goal
01:47 is to accelerate disbursement before the 2026 deadline.
01:56 Managing the climate crisis is one
01:58 of the major aspects of the European recovery plan
02:00 in Greece.
02:01 Last summer, 170,000 hectares of land
02:04 were destroyed by wildfires following droughts and heat
02:07 waves.
02:08 The Megara forest near Athens was hit particularly hard.
02:12 [SPEAKING GREEK]
02:22 The Greek anti-narrow program was created
02:24 to tackle these mega fires.
02:26 It has been tasked with cleaning and maintaining the forests,
02:29 planting slow-burning trees, and the creation of different fire
02:33 prevention zones.
02:35 [SPEAKING GREEK]
02:47 However, this initiative is a public one
02:49 and requires significant investment
02:51 to pay for its contractors, staff, and essential equipment.
02:57 [SPEAKING GREEK]
03:12 Projects financed by the Recovery and Resilience
03:14 Facility are established according
03:16 to the priorities of each country.
03:18 Greece can access 35.9 billion euros
03:21 distributed in grants and loans.
03:24 [MUSIC PLAYING]
03:29 The modernization of public infrastructure
03:31 is another priority.
03:32 This includes health care facilities.
03:34 In Athens, work is underway at the Metaxa Cancer Hospital.
03:38 [MUSIC PLAYING]
03:40 [SPEAKING GREEK]
04:01 This oncology hospital is the largest in the Balkans.
04:04 It hasn't been renovated since its construction in the '60s,
04:07 like many others in Greece.
04:09 [MUSIC PLAYING]
04:11 [SPEAKING GREEK]
04:34 Modernize health services, renovate electricity networks,
04:37 invest in renewable energies.
04:39 According to the Greek recovery plan, 38% of funds
04:42 will be devoted to climate objectives, 22% to digitalization,
04:46 and 18% to social projects.
04:50 However, economist Phoebe Kondouri
04:53 says the creation of a favorable fiscal space, more time,
04:56 and significant reforms are needed.
04:59 We've managed to get 50% almost of repayments
05:04 and have 1/3 of the money absorbed into investment.
05:09 It's an unprecedented absorption rate for Greece.
05:13 But of course, it definitely needs
05:17 more time for this fiscal space to actually transpose itself
05:22 into implementable projects.
05:25 So you need the public sector to really become productive.
05:32 After a difficult decade, it looks
05:34 like Greece is about to begin a new chapter
05:36 with encouraging growth.
05:38 But what remains to be done?
05:39 Is the European recovery plan an opportunity
05:42 to consolidate this progress?
05:44 The minister responsible for the Greek recovery plan,
05:46 Nikos Papadhanas, gave his perspective.
05:50 What achievements do you have since the launch of the RRF?
05:55 How is it progressing?
05:57 First of all, Greece now is in the investment grade.
06:00 And we expect the RRF to contribute,
06:03 along with the other European funds,
06:05 to more than 60% of the growth that we're expecting for 2024.
06:10 And we are expecting 2.9% growth of our economy,
06:15 whereas in Europe, the average would be approximately 0.8.
06:19 The reforms makes our economy more
06:21 interesting for investments.
06:23 And of course, the investments assist in creating new jobs.
06:27 And we've reduced the unemployment
06:30 the last four years from 17.5% to less than 10%.
06:34 What kind of projects are you prioritizing?
06:37 All the projects that refer to health, justice, for example.
06:41 We are modernizing, renovating hospitals, as well as
06:46 health centers.
06:47 At the same time, we have to make things easier
06:50 and Greece to become more investment-friendly country.
06:55 How do you make sure the money is well spent?
06:58 There's a European and national auditing committees.
07:01 And we undergo continuous examination.
07:04 So that is the way we secure that everything goes
07:09 and the money go in the right way.
07:13 What is your feedback on the process for governments?
07:16 Is it difficult to access these funds?
07:19 RRF is performance-based.
07:21 It's not a matter of how much money you spend.
07:23 But if you achieve the reforms and if you
07:27 achieve all the milestones.
07:29 So it is difficult, but it's more effective.
07:32 And reforms along with investments,
07:35 I think, is more useful for society
07:37 than only having projects.
07:40 Thank you, Minister.
07:41 Thank you very much.
07:43 For Greece, strategic investments and wise management
07:46 are opportunities to continue on a positive trajectory
07:50 and transform a decade of hardship into prosperity.
07:55 (MUSIC)
07:58 you
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