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BRUSSELS (ANP) – The EU international locations are solely now beginning to apply for European subsidies on a big scale from the so-called corona restoration fund. This has been doable since 2021. Time is urgent, as this fund will stop to exist in 2026 and makes a complete of 650 billion euros obtainable in subsidies and loans.
The development of elevated functions is clear from the analysis report of the corona restoration fund of 2024, which the European Fee introduced on Thursday.
Every EU nation can solely submit a restricted variety of requests per 12 months. The Netherlands was among the many late submitters however will obtain a primary cost this 12 months.
To fund the pool, the European Fee has borrowed cash and has up to now issued 60.2 billion in bonds, the European Fee introduced on Thursday. The fee can borrow cash beneath extra favorable situations than some particular person member states, as a result of joint credibility of the European financial system.
However it was exactly the rising European money owed on account of these loans that the European Court docket of Auditors expressed concern about on Wednesday. In a report launched Wednesday on the European expenditures of 2023, it was said that there isn’t any detailed plan but on how and when these loans needs to be repaid.
The corona restoration fund began in 2021 as a further means to assist EU member states overcome the financial setbacks of the pandemic. In that first 12 months of the fund, just one software was submitted for cash from the fund. There have been 13 within the following 12 months and 32 in 2023, based on the report. However for the next years, the European Fee foresees that the EU international locations will stand up to hurry and that the fee will obtain about 45 initiatives yearly.
(October 10, 2024)
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