EU executive approves Lithuania's 2.2 bln euros COVID recovery plan

The European Union's executive on Friday approved Lithuania's plan to spend 2.2 billion euros ($2.6 bln)worth of special funds from the bloc aimed at kickstarting economic growth mauled by the COVID-19 pandemic. A further 341 million euros would go towards phasing out the most polluting road transport vehicles, while Lithuania would allocate a third of its entire allocation to digital projects.

The European Union's executive on Friday approved Lithuania's plan to spend 2.2 billion euros ($2.6 bln)worth of special funds from the bloc aimed at kickstarting economic growth mauled by the COVID-19 pandemic. The 2.2 aid, which Vilnius won't have to pay back, is part of the EU's unprecedented economic stimulus totalling 800 billion euros to be distributed among the 27 member states.

Lithuania's plan envisages investing 242 million euros in offshore and onshore wind and solar power plants, as well as developing energy storage facilities, the EU Commission said. A further 341 million euros would go towards phasing out the most polluting road transport vehicles, while Lithuania would allocate a third of its entire allocation to digital projects. ($1 = 0.8453 euros)