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EU Commission approves Sweden’s 3.3 billion euro recovery plan -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Flags of the European Union fly in front of Brussels’ EU Commission headquarters, Belgium. January 18, 2018. REUTERS/Francois Lenoir

BRUSSELS (Reuters), – Tuesday’s approval by the European Commission of Sweden’s post pandemic recovery plan will see the EU grant the country 3.3 billion euro in the next 2026. This money will be used to digitalize the economy and make it greener.

This money comes from the EU’s 800 Billion Euro Recovery Fund that was agreed by all EU nations last year. It is part of an unprecedented joint borrowing program aimed at rebuilding Europe after the severe recession caused in large part by COVID-19 lockdowns.

Each country can receive part of the cheap loans and grants from the fund.

According to the Commission, 44.4% would go towards climate mitigation and 20.5% on digitalization.

EU finance ministers have now approved the Swedish plan. First money will be released when Sweden meets the milestones and goals in the investment.

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