EU Executive Arm Seeks to Add $175Bln in Grants to 2022 Budget
The European Commission proposed on Tuesday to complement the bloc's 2022 budget of 167 billion euros ($204 billion) with 143.5 billion euros ($175 billion) in grants under the COVID-19 recovery scheme
MOSCOW (Pakistan Point News / Sputnik - 08th June, 2021) The European Commission proposed on Tuesday to complement the bloc's 2022 budget of 167 billion Euros ($204 billion) with 143.5 billion euros ($175 billion) in grants under the COVID-19 recovery scheme.
"Today, we are putting forward unprecedented levels of financial support to reinforce Europe's recovery from the health and economic crises," Budget Commissioner Johannes Hahn said.
The money will go to regions and companies most affected by the pandemic and speed up the EU's modernization through the green and digital transition, he added.
More than 118.4 billion euros in grants under the Recovery and Resilience Facility will be used to mitigate the economic and social impact of the coronavirus outbreak.
The rest will sustain the agriculture and fisheries sectors, regional cohesion projects, and research and innovation. More than 2 billion will go to the EU space program, while 14.8 billion will be used to advance EU interests globally.