EU Commission disburses first $3.5Bln from post-pandemic recovery fund

Brussels, Aug 3 (UNI/Sputnik) The European Commission paid out the first 3 billion euros ($3.5 billion) to Luxembourg, Belgium and Portugal on Tuesday from the EU-wide fund allocated to support member states during the coronavirus crisis.
The Recovery and Resilience Facility (RRF) was established to provide up to 723.8 billion euros to support reforms and projects in EU member states post-pandemic. 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.
The RRF was agreed upon by European leaders in July 2020 as part of NextGenerationEU, a temporary recovery instrument designed to mobilize investments and jump-start Europe’s economy, battered by the COVID-19 pandemic.