EU Commission to borrow 80 bln euros in 2021 to finance recovery


Reuters | Brussels | Updated: 01-06-2021 18:04 IST | Created: 01-06-2021 18:04 IST
EU Commission to borrow 80 bln euros in 2021 to finance recovery
  • Country:
  • Belgium

The European Commission is set to borrow about 80 billion euros ($97.76 billion) of long-term bonds to finance the European Union's 750 billion euro NextGenerationEU fund to finance the post-pandemic recovery.

The EU executive said the borrowing, to begin later in June, would be topped up with tens of billions of euros of short-term EU-Bills to cover the remaining financing requirements, adding it would update its funding plan in September.

"The Commission will be able to fund, over the second half of the year, all planned grants and loans to member states under the Recovery and Resilience Facility, as well as cover the needs of the EU policies that receive NextGenerationEU funding," the Commission said in a statement. ($1 = 0.8183 euros)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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