Germany for the first time received a payment of 4 billion Euros (4.4 billion dollars) from an European Union funding pot created during Coronavirus crisis, the European Commission said.
Berlin had requested the payment from the Recovery and Resilience Facility (RRF) from Brussels in mid-September.
Germany will be able to draw a total of 28 billion dollar from the RRF, according to the commission’s calculations.
The money is to be used for the expansion of electromobility and hydrogen projects, examples of how the money could be used include the digitalisation of the railways and public administration.
Also the money was to be used for development of vaccines and the promotion of childcare and education.
The funding pot was created in 2021 to deal with the economic damage caused by the Coronavirus pandemic.
According to the latest figures, the fund has 338 billion Euros in grants and 385 billion Euros for loans.
The funds will be financed through debt, which is to be repaid jointly by 2058.
In order to receive the aid, member states must submit a plan with concrete investment and reform projects.
The funds are performance-based and are only to be paid after milestones and targets for the implementation of planned reforms and investments have been achieved.
