European Commissioner to visit Portugal next week to approve long-awaited ‘bazooka’ funding

European Commissioner Ursula Von der Leyen will be in Lisbon next Wednesday to officially signal Brussels’ approval for Portugal’s long-awaited ‘cash bazooka’ (formally known as the PRR, Plan for Recovery and Resilience). Portugal was the first Member State to deliver its PRR for approval back in April. It implies grant funding of around €14 billion. PM António Costa is hoping the money will start coming through before Portugal terminates its six-month leadership of the EU’s rotating presidency (at the end of June). But everything points to the money coming through only in July.