Romania, Finland and Estonia have been given the go-ahead for their EU recovery plans, which will unlock billions of euros to boost EU states’ transition to new digital and green economies.
EU economy and finance ministers on Thursday welcomed the development which need to be formally approved by the other 22 member states.
The recovery plan is divided into four areas, including the so-called green transition, digitalization, employment as well as social and health care services.
The three will be eligible to receive 13% of requested pre-financing to overcome the adverse impact of the pandemic on their economies, a statement said.
The EU’s recovery fund of €672.5 billion (in 2018 prices) will support reforms and investments member states make to stimulate their economies, while prioritizing green and digital spending.
“I’m happy to be able to share good news for three more member states. We have just confirmed the positive assessments for the recovery and resilience plans of Estonia, Finland, and Romania,” said Andrej Šircelj, Slovenia’s finance minister. Slovenia holds the rotating presidency of the EU.
He said the three members would “soon” receive funds from the Recovery and Resilience Facility.
He added that reforms and investments outlined in their plans “strongly support the European green and digital agenda,” and would lead to a “more sustainable and more resilient,” recovery.
Romania is committed to phase out coal and lignite power production and deploy renewables.
It will invest and carry out reforms buildings renovation, railways modernization, water and waste management.
Romania also plans to implement afforestation and reforestation measures to reach its climate objectives.
It is eligible for €14.2 billion in grants and €14.9 billion in loans which will also be used to digitalize the country’s public services and modernize the outdated and underfunded healthcare system.
So far, 17 member states have received their requested pre-financing. The U has disbursed some €52.4 billion so far.