European Commission Approves InvestEU Economy Recovery Program

MOSCOW (Pakistan Point News / Sputnik - 08th December, 2020) The European Commission on Tuesday approved a political agreement on InvestEU program adopted by the European Parliament and the Council of the European Union and aimed at stimulating the recovery of the European economy ravaged by the coronavirus pandemic.

The European Parliament and the Council of the European Union have agreed on a political agreement on InvestEU on November 10. Both institutions has to finally approve the text of the political agreement whose goal is to mobilize public and private investments and promote innovation and job creation.

"This is a good agreement that opens the way to more financing for sustainable infrastructure, research and innovation, SMEs and skills.

InvestEU will contribute to Europe's economic recovery and to the climate and digital transitions. Crucially, Member States will be able to use InvestEU as a tool to implement their Recovery and Resilience Plans," Commissioner for Economy Paolo Gentiloni said.

InvestEU is part of the EU's long-term planning program for creating an ecological, digital and sustainable economy. This project builds on the successful experience of previous investment programs. The InvestEU Fund will combine the European Fund for Strategic Investments and 13 EU financial instruments to support the main EU policies and contribute to overcoming the social and economic crisis.