Belgium Might Receive $7.1Bln From EU Recovery Fund - Commission

Muhammad Irfan Published June 23, 2021 | 06:10 PM

MOSCOW (UrduPoint News / Sputnik - 23rd June, 2021) The European Commission on Wednesday estimated that Belgium may receive nearly 6 billion Euros ($7.1 billion) in grants from the bloc-wide fund designated to support member states during the coronavirus crisis.

"The European Commission has today adopted a positive assessment of Belgium's recovery and resilience plan. This is an important step towards the EU disbursing ��5.9 billion in grants under the Recovery and Resilience Facility (RRF)," a statement said.

The RRF was established to provide up to 672.5 billion euros to support reforms and projects in EU member states post-pandemic. Out of the total amount, 312.

5 billion euros will be distributed in grants and 360 billion euros in loans.

Before allocating the funds, the commission reviews recovery plans presented by member states based on country-specific recommendations and assesses whether they dedicate at least 37% of expenditure to climate objectives, and 20% � to the digital transition.

According to the statement, Belgium's plan earmarks 50% of the total allocation for climate investments, and 27% for digital transition. The country also mulls allocating 1 billion euros for the renovation of infrastructure.

The EU council has four weeks to decide on the commission's proposal.