EU approves economic recovery plans of 12 Member States

Photo: EPA European Commissioner for Economy Paolo Gentiloni (L) and ECB Vice President Luis de Guindos (R) attend an Economic and Financial Affairs Council (ECOFIN) of Finance Ministers` meeting, at the European Council in Brussels, Belgium, 13 July 2021.

European Union finance ministers approved on Tuesday investment plans of 12 states, including Italy, Spain and France, paving the way for the first disbursements of grants and loans from the bloc to boost recovery from the coronavirus crisis.

Ministers in Brussels gave their green light to the plans - also by Austria, Belgium, Denmark, Germany, Greece, Latvia, Luxembourg, Portugal, Slovakia - an EU statement said. It was the first batch of approvals of national investment programmes under the EU recovery plan.

Tuesday’s decision will allow the Мember States concerned to start unlocking funds for pre-financing of a great many projects that should make the EU’s economy greener and more digitally advanced. The approval to prepare for the release of funds is a key step in the 800-billion euro ($950 billion) support program that EU nations agreed on in principle last summer when their economies were mired in the worst economic downturn of the bloc’s existence.

“This is the real start” of the EU’s plans to reinvigorate and renew the economies, EU Economy Commissioner Paolo Gentiloni said. “This will boost confidence in the markets, in countries and allow investments and reforms to start.”

Other approvals are expected later in the summer.

Similar articles