EU approves € 191.5 billion in Italian recovery fund | WGN Radio 720

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Italy’s Prime Minister Mario Draghi will receive a brochure of the next-generation EU plan from European Commission President Ursula von der Aleien at his studio in Cinecitta, Rome, on Tuesday, June 22, 2021. (AP Photo / Andrew Medichini)

Rome (AP) — On Tuesday, the European Union’s executive committee officially approved € 191.5 billion ($ 228.5 billion) in the Italian Pandemic Recovery Fund, the third largest economy in the block of 27 countries.

The money will make Italy “more fair, more competitive and more sustainable in growth,” Mario Draghi said. He visited and spoke with Ursula von der Leyen, chairman of the Commission, at a joint press conference in Rome.

Italy, the EU’s most devastated country, both economically and in terms of pandemic deaths, has won the largest chunk of the EU Recovery Fund, with a € 6.8 billion grant and a € 122.6 billion loan. I will.

Commission approval is an important step towards the distribution of funds for Italy’s major reforms and investment plans. Von der Leyen said the first funds could be released in four weeks after the European Council approved the plan.

More than one-third of Italy’s total funding goes to projects supporting climate goals, and one-quarter goes to digital investment.

Von der Leyen said major reforms included shortening the duration of civil and criminal trials, modernizing the administration, and reforming competition law.

“This is just the beginning,” Draghi said. “The current challenge is to implement the plan. We need to make sure the money is spent, but above all it is being used well.”

He cites a past example where Italy used only a small portion of the money allocated by the EU, and if the money is used in an efficient way, some programs could be permanent. Said there is.

EU approves € 191.5 billion in Italian recovery fund | WGN Radio 720

Source link EU approves € 191.5 billion in Italian recovery fund | WGN Radio 720

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