France Receives 5.1 Billion Euros for Recovery Plan

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The European Commission has transferred 5.1 billion euros to the French government to start its recovery plan. The money is intended for the pre-financing of projects approved under the temporary European corona recovery fund.

 

France is entitled to a total of 39.4 billion euros in subsidies.

The EU heads of government set up the billion-dollar fund shortly after the outbreak of the corona pandemic last year to support the countries affected by Covid-19 and to give the European economy an extra injection. Almost EUR 700 billion is available in grants and loans. It has been agreed that at least 37 percent of the money will be spent on climate measures and 20 percent on digitization.

The leaders also determined that the countries must each implement reforms to strengthen their economies. Therefore, the disbursements from the fund are linked to the fulfilment of agreements with the committee and the member states. Furthermore, time schedules have been agreed upon for the implementation of the plans.

Since April, 25 Member States have submitted their recovery plans in Brussels, of which 16 have already been fully approved. Member States with an approved plan are entitled to a pre-financing of up to 13 percent of the amount they receive according to a certain distribution key.

Earlier this week, Spain received 9 billion euros and Lithuania 289 million. Italy, Greece, Belgium, Portugal and Luxembourg have already received funds for a total of 32 billion euros.

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