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Brussels is confident that pre-financing funds from the NextGenerationEU programme can be paid over to member states in July, an EU official said Wednesday. The official made the comments as the Commission approves the Portuguese and Spanish Recovery Plans.

"Given that the Commission has already raised money on the markets, the first pre-financing payments can start in July," the official said.

Once the Commission has approved the national recovery plans, the Council (national ministers) has four weeks to vet and approve them. Around 13% of the Recovery and Resilience Fund money to member states can be disbursed to states on a pre-financed basis this year.