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

(@FahadShabbir)

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

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.

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