EU pandemic recovery package for Romania gives EUR 80 billion

Oana Vasiliu 22/07/2020 | 10:49

EU leaders reach recovery deal after the Multiannual Financial Framework (MFF), a marathon summit, and decided that Romania will receive EUR 79.9 billion from the EU for economic recovery and infrastructure development, as president Klaus Iohannis stated in press conference.

The total sum for the recovery involves EUR 750 bln  in grants and loans to counter the impact of the pandemic in the 27-EU members, being the biggest joint borrowing ever agreed by the EU. The sum is being split as EUR 390 billion will be distributed in the form of grants to member states and EUR 360 billion in loans. According to the official information, the funds will be used to rebuild the country’s infrastructure, build hospitals and schools, and modernise public systems, but also for economic recovery.

Moreover, EU leaders approved also the long-term EU budget for 2021-2027, the MFF, which will be worth EUR 1074 billion.

“We have reached a deal on the recovery package and the European budget. These were, of course, difficult negotiations in very difficult times for all Europeans. A marathon that ended in success for all 27 member states, but especially for the people. This is a good deal. This is a strong deal. And most importantly, this is the right deal for Europe, right now,” Charles Michel, the president of the European Council, said.

The entire information about EU’s recovery plan is available here.

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