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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

EC Allots € 800 Billion to Cope with Fallouts of Coronavirus


Sat 17 Jul 2021 | 05:19 PM
Ahmed Moamar

The European Commission (EC) has announced allotting € 800 billion to restore recovery to economies of the member-states of the bloc.

This sum will be spent in supporting investments and economic reforms across the bloc throughout the years to come.

In the same context, the EC has adopted Ireland's plan to activate the economy in the era following the Coronavirus (known also as COVID-19).

The European Commission pledged to offer € 989 million to Ireland through the Recovery and Resilience Facility (RRF) to help the country walkout strongly the slump caused by the COVID-19.

The commission issued a statement today, Saturday,  that was published on its official website.

The statement affirms that the RRF is the main means of economic and social development that is placed at the core of the " Next Generation of the European Union" plan to bring recovery to the members of the bloc.

The statement indicated that Ireland's economic plan represents a part of the EU coordinated and unprecedented response to the crisis of COIVD-19 to face the joint European challenges through adopting the digital and green conversions to bolster the economic and social resilience along with keeping the solidity of the European unifies market.

The statement went on to say that the European Commission has evaluated Ireland's plan in the light of criteria linked to RRF.

Experts of the commission examined whether the Irish plan took into account the green and digital conversions and handling effectively the challenges defined by the EU.

The European experts found that the Irish plan allocated 42% of the total financial credits to support targets related to fighting the negative consequences of climate change.

The Irish government pledges to take effective measurements to bolster the efficiency of energy, biological persity, and ecological systems.

Also, the plan allotted 32% of the financial allocations to fund the digital conversion in the educational system, stock companies, and communications.