The European Union (EU) institutions have enacted the regulation on the 672.5 billion euro rescue fund prepared to combat the new type of coronavirus (Covid-19).
EP President David Sassoli, EU Term President Portuguese Prime Minister Antonio Costa and EU Commission President Ursula von der Leyen attended the signing ceremony held in the European Parliament (EP) due to the legislation of the “Recovery and Resilience Opportunity” fund.
Speaking at the press conference held after the ceremony, Von der Leyen said that he is pleased with completing the legal arrangement.
Von der Leyen explained that the fund they prepared to overcome the economic crisis caused by the epidemic is the most critical element of the 750 billion euro rescue package called “Next Generation EU”. will support businesses and employment affected by the epidemic.
Pointing out that the rescue program gave a message of solidarity and confidence within the EU, Von der Leyen said, “We must join our forces because no member country can overcome this crisis alone.”
Reminding that within the scope of the rescue fund, the EU Commission will collect resources in capital markets and transform it into European investments in line with digital transformation and climate targets, Von der Leyen pointed out that after this stage, EU member countries should quickly approve the equity decision required to establish the fund and pointed out the importance of member states preparing their national plans to benefit from the funding.
“We aim to distribute the first part of the funds to member countries in the middle of the year,” said Von der Leyen.
In May, the EU Commission proposed establishing a 750 billion euro rescue package to combat the epidemic’s economic consequences. After lengthy negotiations, EU member countries agreed on the box in December.
The most critical element of the 750 billion euro package named “Next Generation AB” is the 672.5 billion euro rescue fund.
For the fund, the EU Commission will borrow from the capital markets with the member countries’ guarantee.
The Commission will distribute 360 billion euros in loans and 312.5 billion euros in grants to EU countries.
Within the package’s scope, will be transferred 77.5 billion euros to various other EU development-oriented programs.
After this stage, the EU Commission must approve the member states’ decision to increase the equity they provide to the EU budget to borrow from the capital markets.
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