Commission disburses new €14.1bn SURE loans to twelve EU countries

They will help Member States to cover the costs related to short-time work schemes and alike measures put in place as a response to the pandemic

Photo: EU A congratulatory message displayed in Times Square, New York, last October, following the issue of a €17bn first social bonds under the EU SURE programme.

The Commission disbursed on Tuesday €14.14bn to 12 EU Member States in the seventh instalment of financial support under the SURE instrument, which is critical for protecting jobs and incomes, badly damaged by the pandemic.

As part of current operations, Belgium has received €2bn, Bulgaria €511m, Cyprus €124m, Greece €2.54bn, Spain €3.37bn, Italy €751m, Lithuania €355m, Latvia €113m, Malta €177m, Poland €1.56bn, Portugal €2.41bn and Estonia €230m.

This is the first time that Bulgaria and Estonia are receiving funding under the instrument and with this disbursement, they are receiving their full amount requested.

The other ten EU countries have already benefitted from loans under SURE. These loans will assist Member States in addressing sudden increases in public expenditure to preserve employment following the coronavirus pandemic.

Precisely, they will help Member States cover the costs directly related to the financing of national short-time work schemes, and other similar measures that they have put in place as a response to the coronavirus pandemic, including for the self-employed.

This disbursements follow the issuance of the seventh social bond under the EU SURE instrument, which attracted a considerable interest by investors amid challenging market conditions in recent days.

With this SURE disbursement, the EU has provided nearly €90bn in back-to-back loans. All EU Member States which have asked to benefit from the scheme have received part or all of the requested amount.

Overall, 19 EU Member States are due to receive a total of €94.3bn in financial support under SURE, following approval by the Council of the European Union based on a Commission proposal. Countries can still submit requests to receive financial support under SURE which has an overall firepower of up to €100bn.

 

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