France To Be Paid Nearly $47Bln From EU Post-Pandemic Recovery Fund - European Commission

Fahad Shabbir (@FahadShabbir) Published June 24, 2021 | 01:10 AM

MOSCOW (UrduPoint News / Sputnik - 24th June, 2021) The European Commission on Wednesday estimated that France would receive almost 39.4 billion Euros ($47 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 France's recovery and resilience plan. This is an important step towards the EU disbursing ��39.4 billion in grants under the Recovery and Resilience Facility (RRF)," the Commission's statement read.

The RRF was established to provide up to 672.5 billion euros to support post-pandemic reforms and projects in the EU member states. 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, France's strategy envisions 46% of the total allocation for climate investments and 21% for digital transition. The country also mulls allocating 5.8 billion euros for the infrastructure renovation.

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