EU Plans To Invest $2.5Bln In Key Transport Projects To Spur Green Recovery

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EU Plans to Invest $2.5Bln in Key Transport Projects to Spur Green Recovery

MOSCOW (UrduPoint News / Sputnik - 16th July, 2020) The European Union said on Thursday that it will invest nearly 2.2 billion Euros ($2.5 billion) in dozens of key transport projects in member states to spur the bloc's green recovery.

In total, 140 transport projects will receive funding as part of the scheme.

"These projects will help build missing transport links across the continent, support sustainable transport and create jobs. The projects will receive funding through the Connecting Europe Facility (CEF), the EU's grant scheme supporting transport infrastructure," the commission said.

The bloc hopes the funding to help deliver on the objectives of the European Green Deal.

The projects will range from massive railroad infrastructure, such as a project integrating the Baltic nations in the European rail network and the cross-border section of the railway line between Dresden and Prague, to greener and alternative fuels for transport.

The latter step will include converting vessels so they could run on LNG and installing electric vehicle charging stations.

According to Transport Commissioner Adina Valean, the financial contribution is expected to "help kick-start the recovery and "generate 5 billion in investments."

The bloc is expected to make financing formal decisions in the coming days, and the grant agreements will be signed at the latest by January.