Recovery and Resilience Fund

PK Consulting group

National Recovery and Resilience Plan “Greece 2.0”

The National Recovery and Resilience Plan includes an integrated and coherent set of reforms and investments structured in four (4) Pillars that make up eighteen (18) components

Pillars and Components
1.1 Power up
1.2 Renovate
1.3 Recharge and refuel
1.4 Sustainable use of resources, climate resilience and environmental protection
2.1 Connect
2.2 Modernise
2.3 Digitalisation of Businesses
3.1 Increasing job creation and participation in the labour market
3.2 Education, vocational education and training, and skills
3.3 Improve resilience, accessibility and sustainability of healthcare
3.4 Increase access to effective and inclusive social policies
4.1 Making taxes more growth friendly and improving tax administration and tax collection
4.2 Modernise the public administration, including through speeding up the implementation of public investments, improving the public procurement framework, capacity building measures and fighting corruption
4.3 Improve the efficiency of the justice system
4.4 Strengthen the financial sector and capital markets
4.5 Promote research and innovation
4.6 Modernise and improve resilience of key economic sectors
4.7 Improve competitiveness and promote private investments and exports

Low-interest loans to boost business liquidity

PK Consulting group

The Loans of Recovery and Resilience Fund

The Recovery Fund loans will cover from 30% to 50% the cost of the business plan and are directed to investment projects that fall into five categories.

The scale between 30% and 50% is based on the degree of greater contribution in each of the five categories, and / or their combination. Eligibility will be assessed by independent auditors, while the solvency of the investment plan will be assessed by banking institutions. Each investment project requires at least 20% of the investor’s own participation and at least 30% of third party resources

Eligible costs

The purchase of land is eligible as long as it is interwoven with the investment plan and does not exceed 30% of the eligible costs of the investment plan. The sum of working capital and promotion and communication costs may not exceed 30% of the eligible costs of the investment plan. In any case, credit institutions may grant additional loans in excess of the co-financing rate to cover ineligible costs of the investment plan.

The amount of financing of the investment project

A – Green transition investment plans

Minimum green transition investment budget, which contribute to the green tagging of the ESAA, as a percentage of the total budget of the investment plan20%40%50%
Corresponding TAA loan quota on the budget of the investment plan30%40%50%
B – Digital transformation investment plans
Minimum digital transformation investment budget, which contributes to the digital tagging of the ESAA, as a percentage of the total budget of the investment plan10%20%40%
Corresponding TAA loan quota on the budget of the investment plan30%40%50%
C – Investment plans for innovation – research & development
Minimum innovation – research and development investment budget as a percentage of the total investment project budget10%20%40%
Corresponding TAA loan quota on the budget of the investment plan30%40%50%
D – Investment plans for the development of economies of scale through partnerships, acquisitions and mergers
Existence of existing or new cooperation, or creation of a new scheme resulting from acquisition / merger.Existing collaborationsNew partnerships and acquisitions / mergers
Corresponding TAA loan quota on the budget of the investment plan30%40%
The loan quota from the pillar is calculated regardless of the HS budget, if the existence of an existing or new cooperation is presumed, or the creation of a new scheme resulting from the acquisition / merger.
E – Extroversion investment plans
Existence of alternatives:
1. Average of existing investor export activity at least 15% of turnover (financial data of the previous three years)
2. Minimum export budget of the investment plan at least 15% of the projected total revenue of the investment plan (viability study)
Alternatively:
1. Minimum average of an investor’s existing export activity as a percentage of turnover (three-year financial data)
2. Minimum investment plan export budget as a percentage of the projected total revenue of the investment plan (viability study)
15%30%45%
Corresponding TAA loan quota on the budget of the investment plan30%40%50%
This pillar also includes investments in the tourism sector, including investments in tourist accommodation, complex tourist accommodation and tourist accommodation complexes, and the TAA loan quota on the investment project budget amounts to 40% independently, regardless of the investor’s financial data. of the investment plan.
The loan quota from the pillar is calculated independently of the HS budget, if the existence of the investor’s existing export activity is assumed or alternatively the export budget forecast in the HS. The percentage of export activity (existing or planned) determines the quota of the TAA loan.
Eligibility Criteria

Existence of digital transformation investment budget, which contributes to the digital targeting (digital tagging) of ESAA and amounts to at least 10% of the total budget of the investment plan.

Existence of a green transition investment budget, which contributes to the green tagging of the ESAA and amounts to at least 20% of the total budget of the investment plan.

The eligibility of investment projects is determined by the existence of either:

a. An average of an investor’s existing export activity is at least 15% of its turnover. The financial data of the investor for three years are examined, alternatively the share of the turnover which is realized with foreign credit cards or remittances.

b. Minimum export budget of the investment plan at least 15% of the projected total revenue of the investment plan (viability study).

Independently, the investment plans of tourist accommodation, investments of complex tourist accommodation as well as complexes of tourist houses that include at least 5 independent tourist houses are eligible.

Existence of existing or new cooperations, or creation of a new scheme resulting from Merger and Acquisitions.

The eligibility of investment projects is determined as follows:

Collaborations (existing)

• The investment plan includes the investor’s commitment that he will continue to participate in an existing partnership between unrelated companies, for at least the next five years.

• The average total turnover of the legal entities participating in the cooperation during the previous three (3) years, is at least 50% higher than the turnover of the legal entity with the highest average turnover among the legal entities participating in the cooperation during the same period.

• At least 20% of the eligible costs of the investment plan relate to the investment costs incurred in accordance with the cooperation agreement.

Collaborations (new)

• The investment plan includes the investor’s commitment to participate in a new partnership between unrelated companies, at least for the next five years.

• The average total turnover of the legal entities participating in the cooperation during the previous three (3) years, is at least 50% higher than the turnover of the legal entity with the highest average turnover among the legal entities participating in the cooperation during same period.

• At least 20% of the eligible costs of the investment plan relate to the investment costs incurred in accordance with the cooperation agreement.

Μerger  and Acquisitions 

• The investment plan includes a new scheme, which results from an acquisition or merger which was completed after the publication of the ministerial decision.

• The average total turnover of legal entities, at group level. participating in the merger or acquisition during the previous three (3) years is greater by at least 50% of the turnover of the legal entity, at group level, with the highest average turnover among the legal entities, at group level, participating in the acquisition or merger over the same period.

Coverage of eligibility of at least one innovation-research and development indicator and at the same time existence of a minimum innovation-research-development investment budget that amounts to at least 10% of the total budget of the project. The indicators are:

Innovation Indicators:

• Funding for PhD researchers in Science, Technology, Engineering and Mathematics (STEM) by the project

• Percentage of new STEM jobs in relation to the total number of new jobs created by the project

• Small and medium enterprise investment plan that creates a new product (not a new brand)

• Small and medium enterprise investment plan that creates a new service (not a new brand)

• The investment plan envisages trademark costs in a MADRID system country, if it creates a new product or service

• The investment plan provides for design certification costs in a HAGUE country

• Percentage of sales abroad of products from the investment plan in the categories KAD 21, 26, 27, 28, 29 and 30

• Percentage of sales of services abroad from the investment plan in the categories KAD 58.2, 62, 63, 71.2 and 72

Research and Development Indicators:

• The subject of the research should be related to the thematic sections of Horizon Europe.

• The subject of the research should be related to the thematic sections of the Greek intelligent specialization strategy (RIS3).

• The investment plan envisages the conduct of systematic industrial research and / or experimental development.

• The investment plan envisages the conduct of research by an experienced research team with many years of experience in the subject of the investment plan.

• The object of the research aims at the creation of new products / services or the significant improvement of existing products / services.

• The object of the research aims at the creation of new or the significant improvement of the existing methods of production, distribution and application of the products / services.

• The investor and / or principal investigators of the research team have participated in research projects co-financed by the Greek State or the European Commission or another OECD country during the five years prior to the loan application.

• The investor has received certificates of scientific and technological research expenses from GGEK (formerly GSRT), during the five years before the loan application, which includes the expenses of the main researchers of the research team.

• The investment plan envisages patent costs in a PCT country.

Investments per Pillar

Digital Transformation

-Digitization of provided services of small and medium enterprises (SMEs) & large enterprises
– Digital infrastructure & data infrastructure
– Collaborative formations (eg electric platforms)
– Nodes of digital innovation & open digital solutions

Green Transition

– Green Technologies & Abilities / Skills
– Biodiversity
– Energy efficiency / renovation of buildings
– Circular economy / Sustainable development
– New jobs / Energy Security

Extroversion Investments

– Depends on the existing or planned export
investor activity as a percentage of its turnover
– Independently eligible investments of tourist accommodation (simple and complex) as well as tourist accommodation complexes

Development of Economies of Scale through Partnerships, Mergers & Acquisitions

– Existence of existing or new cooperation, or creation new scheme resulting from acquisition / merger

 

Innovation, Research & Development

Innovation
– Investment plan to create a new product / new service
– Percentage of overseas sales of products on specific  categories
Research and development
– Creation of new or significant improvement of existing products / services
– Creation of new or significant improvement of existing methods of production, distribution and application of products, services

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