VIENNA (Pakistan Point News / Sputnik - 22nd June, 2021) The European Commission approved Austria's 3.5 billion euro ($4.2 billion) recovery plan on Monday to help its economy emerge greener and more digitalized from the pandemic.
"Austria is already a forerunner in the green transition... We have endorsed your plan because we fully agree that bold action is needed to deliver the green transition," Commission President Ursula von der Leyen said.
The money will come from the EU's 672.5 billion euro Recovery and Resilience Facility, which is designed to support virus-hit member states through grants and loans.
Austria will receive 450 million Euros in pre-financing as soon as the European Council adopts the commission's proposal. Further disbursements will be authorized depending on the implementation of all steps stated in the plan.
