Connect with us

EU

#EUBudget for recovery: Recovery and Resilience Facility

SHARE:

Published

6 years ago

on

We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. You can unsubscribe at any time.

As announced by European Commission President Ursula von der Leyen on 27 May 2020, the centrepiece of the recovery plan will be a new Recovery and Resilience Facility. The aim of the facility will be to support investments and reforms essential to a lasting recovery, to improve the economic and social resilience of the member states, and to support the green and digital transitions. It will be available to all member states but support will be concentrated in the parts of the Union most affected and where resilience needs are greatest. This will help to counteract widening divergences between member states and prepare our economies for the future.

An Economy that Works for People Executive Vice President Valdis Dombrovskis said: “Our Recovery and Resilience Facility looks to the future. It will help Europe bounce back from this shock, but also leap forward by accelerating the green and digital transitions. It will provide large scale financial support to member states' reform and investment efforts in line with the country-specific priorities identified in the European Semester. We should be bold, both in terms of pushing for investments and on working together to make sure that other weaknesses and imbalances do not hold back the much-needed recovery.”

Economy Commissioner Paolo Gentiloni said: “The Recovery and Resilience Facility is a powerful tool to help EU countries pick themselves up from the COVID-19 crisis and strengthen their growth in the future. It also heralds a new form of partnership between member states and the European Commission. Backed by an unprecedented €560 billion, of which €310bn in grants, we want to support both investment and reforms, creating jobs while greening and digitalizing our economies.”

The Recovery and Resilience Facility will be firmly embedded in the European Semester. Member states will draw up recovery and resilience plans as part of their National Reform Programmes. The facility comes with a proposed budget of €560bn from Next Generation EU to help fund member states’ recovery and resilience plans. It will be equipped with a grant facility worth up to €310bn and will be able to make up to €250bn in loans.

More information on the Facility is available in a MEMO online.

More information

MEMO: EU budget for recovery: Recovery and Resilience Facility

Advertisement

Factsheet: Recovery and Resilience Facility: Helping EU countries to come out of the crisis stronger

EU long-term budget 2021-2027: Commission Proposal May 2020

Share this article:

Share this:
Related Topics:
EU Reporter publishes articles from a variety of outside sources which express a wide range of viewpoints. The positions taken in these articles are not necessarily those of EU Reporter. Please see EU Reporter’s full Terms and Conditions of publication for more information EU Reporter embraces artificial intelligence as a tool to enhance journalistic quality, efficiency, and accessibility, while maintaining strict human editorial oversight, ethical standards, and transparency in all AI-assisted content. Please see EU Reporter’s full A.I. Policy for more information.
Advertisement

Trending