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A man wearing a protective face mask makes his way on Omonia square in Athens, Greece, September 3, 2020. REUTERS/Alkis Konstantinidis

Greece formally submitted its national recovery plan to the European Union on Tuesday, hoping for a boost to economic growth by as much as seven percentage points over the next six years, the government’s spokeswoman said.

Under the multi-billion euro coronavirus recovery package agreed by European Union leaders last year, Athens is to get 18.2 billion euros ($21.96 billion) in grants and 13 billion euros in cheap loans over the coming years, equal to about 16% of its gross domestic product.

It is expected to get added leverage from the private sector via equity capital and loans, meaning total funds for investments will be increased to nearly 60 billion euros.

Prime Minister Kyriakos Mitsotakis said last month the country’s four-pillar scheme, dubbed “Greece 2.0” would help revive and transform an economy still emerging from the shadow of a decade of severe financial crisis.

Around 170 projects have been proposed, focusing on green energy transformation, digital upgrades including boosting high speed internet, training and social cohesion measures as well as some traditional road and transport infrastructure.

Under last year’s EU agreement, the European Commission will be allowed to raise up to 750 billion euros on capital markets and pass on the money to member states worst hit by the pandemic through payments linked to jointly agreed reform and investment plans, partly as grants and partly as loans.

($1=0.8286 euros)

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