EU adopts €673bn Recovery and Resilience Facility

The European Council has agreed the regulations that creates its Recovery and Resilience Facility and will make €672.5bn in grants and loans available for public investment and reforms in the 27 member states to help them address the impact of the COVID-19 pandemic, and to “foster the green and digital transitions and to build resilient and inclusive societies”.

Under the new regulation, member states will need to set out in their national recovery and resilience plans a coherent package of reforms and investment projects, covering six policy areas of European relevance including green transition, sustainable and inclusive growth.

At least 37 per cent of each plan’s allocation has to support the green transition and at least 20 per cent the digital transformation.

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