Three EU Countries Together Receive 2.2 Billion Euros for Recovery Plan

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The European Commission has deposited a total of almost €2.2 billion in the accounts of three EU countries for their recovery plans.

 

The Czech Republic has received 915 million euros from the billion-dollar fund that the government leaders set up shortly after the outbreak of the corona pandemic, Croatia 818 million euros and Austria 450 million euros. The daily EU board has now transferred 51.5 billion euros to sixteen member states, a spokesperson said.

The first disbursements are for the pre-financing of projects approved by both the commission and the EU finance ministers. It is always 13 percent of the amount that each country can get. After that, there are almost 700 billion euros in grants and loans distributed via a certain key.

It has been agreed that at least 37 percent of the money will be spent on climate measures and 20 percent on digitization. A total of EUR 7 billion is available for the Czech Republic, EUR 6.3 billion for Croatia and EUR 3.5 billion for Austria.

The recovery fund intends to support countries affected by Covid-19 and give the European economy an extra injection. However, the leaders also determined that the countries must each implement reforms to strengthen their economies.

The disbursements from the fund are linked to the fulfilment of agreements with the committee and the member states. Time schedules have been agreed upon for the implementation of the plans.

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