"The payment of €1.8 billion was possible thanks to Portugal's fulfilment of the twenty milestones and objectives related to the second tranche". The European funds represent €1.7 billion in grants (non-refundable) and €109 million in loans.
Portugal submitted the request for payment of this second check from Brussels on September 30 last year and, after Brussels gave the green light to the payment in December, the calendar moved to the first quarter of this year.
This is the third PRR disbursement that Portugal will receive. In August 2021, the European Commission delivered €2.2 billion from the PRR — 13 percent of the total €13.9 billion grants and €2.7 billion loans that the country will receive by 2026 — in the form of an advance. A practice common to all Member States (except seven that started the process later and, therefore, there was no advance payment).
The second tranche of €1.16 billion was requested in January, approved in March and paid in May. Portugal was thus in possession of 20.2 percent of the total PRR. Now with the third tranche Portugal has received 31 percent of the total.