Citing the European Commission’s internal note, Reuters reports that the European Union (EU) recovery plan may trigger a total of 2 trillion euros of spending and investment.
Additional headlines
EU recovery fund, called recovery instrument, would allow the Commission to raise 320 bln euros on the market.
Around half of the 320 bln euro raised would be passed on to governments as loans.
A final decision on repayment could be taken by the EU leaders in 2024, next EU budget would only cover the interest on the borrowing of 500 million euros a year on average.
Next EU budget could have a recovery and resilience facility of 200 bln euros and 50 bln euros in repurposed cohesion funds.
Recovery and resilience facility in EU budget would help governments rebuild economies and prepare them for the future.
Eu leaders could endorse legal texts for recovery plan in June.
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