EU disburses €5.1 billion in pre-financing to France

0
EU-US Trade & Technology Council could pose a threat to consumers, watchdog warns
Image: Shutterstock

The European Commission has disbursed €5.1 billion to France in pre-financing, equivalent to 13 per cent of the country’s financial allocation under the Recovery and Resilience Facility (RRF).

The pre-financing payment will help to kick-start the implementation of the crucial investment and reform measures outlined in France’s recovery and resilience plan.

The Commission will authorise further disbursements based on the implementation of the investments and reforms outlined in France’s recovery and resilience plan. The country is set to receive €39.4 billion in total, fully consisting of grants, over the lifetime of its plan.

-- ADVERTISEMENT --

Paolo Gentiloni, Commissioner for Economy said, “The first funds we disbursed today will help France emerge stronger from the crisis. France’s recovery and resilience plan is clearly oriented towards the green transition, financing a wide range of projects from building renovations to clean mobility.

“It also has a very strong digitalisation component, with investments to bring ultrafast broadband to rural areas, support digital skills development and roll out eHealth services. The whole of France stands to benefit from this comprehensive and ambitious plan,” he added on August 19.

The disbursement follows the recent successful implementation of the first borrowing operations under NextGenerationEU. By the end of the year, the Commission intends to raise up to a total of €80 billion in long-term funding, to be complemented by short-term EU-Bills, to fund the first planned disbursements to Member States under NextGenerationEU.


Part of NextGenerationEU, the RRF will provide €723.8 billion, in current prices, to support investments and reforms across Member States. The French plan is part of the unprecedented EU response to emerge stronger from the Covid-19 crisis, fostering the green and digital transitions and strengthening resilience and cohesion in our societies.


Thank you for taking the time to read this article, please remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and follow us on Facebook and Instagram.

 


Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla. She moved to Spain in 2018 and is based in Jaen.

LEAVE A COMMENT

Please enter your comment!
Please enter your name here