The Greek authorities will channel billions of dollars from the European Coronavirus Recovery Fund to support their economies during the crisis. The funds will be used to develop industries related to “clean” energy and technology.

The country will spend €11.6 billion ($14.14 billion) – nearly a third of its stake in the EU’s COVID-19 fund – on “green” investments in solar, hydrogen and wind energy. Another 6.2 billion euros (7.56 billion dollars) for environmental programs will be allocated from the country’s budget.

The Greek central bank estimates that the renewable energy financing initiative will increase production by seven percent and create 180,000 new jobs by 2026, which will be a major help to the national economy in addressing the effects of the ten-year financial crisis.