The minister of National Economy and Finance Kostis Chatzidakis and the alternate minister Nikos Papathanasis presented the draft legislation on the Public Investment Development Programme at a Press Conference today, an announcement by the Ministry of National Economy and Finance stated.
The provisions of the legislation aim to facilitate the implementation of nationally and / or EU-funded projects, for more effective and efficient absorption of funds, better planning of projects, timely securing of funding and cutting down on red tape. It is also worth noting that the legislation aims to introduce a mechanism to ensure the required maintenance of the projects as well as a separate project funding account to address natural disasters.
The minister of National Economy and Finance Kostis Chatzidakis had this to say: “Since 2019, Greece has been breaking record after record in investment increases and currently sits near the top in absorption of EU funds among all EU member states. However, our efforts are ongoing, both at the EU fund absorption level and their merging with national resources. One of our initial decisions as part of this effort was to place the Public Investment Programme under the direct control of the Ministry of National Economy and Finance, to facilitate coordination between the planning and implementation of the PIP and the overall state budget. The new legislation on the modernisation of the PIP is our government’s latest contribution to the effort”.
The alternate minister of National Economy and Finance Nikos Papathanasis had the following to say: “In 2024, our government will implement the most expansive Public Investment Programme of the last 14 years, with a budget of €12.2 billion. Among EU member states, Greece has been notably successful in absorbing Recovery Fund and NSRF funds. This legislation we’ve drafted and submitted aims to further bolster the development dynamic of the PIP. Among others, it includes reform initiatives to facilitate direct and long-term programming, make use of digital technologies, accelerate transparent fund-absorption processes, and constantly monitor the operation of ongoing projects, while there are also provisions to address the impacts of the Climate Crisis. Our overall objective is to not let even a single euro from EU and national resources we’ve secured go to waste. With this in mind, we’re forging ahead, determined to support the economy and social cohesion through our new, updated PIP and make up for the cratering in investment caused by the crisis. At the same time, the investment aspect of the updated PIP will foster new conditions for further reductions in unemployment through the generation of new, high-paying jobs for all of Greece’s citizens”.
The press conference also involved the presentation of data regarding Greece’s performance in investments and absorption of EU funds.
