Today: 12 July 2025
15 April 2021
1 min read

EU Needs 800B for COVID-19 Recovery

The European Commission announced that it would borrow 800 billion euros from the capital market in current prices until 2026 to fund the European Union’s (EU) massive plan to bail out its Covid-stricken economy.

A diversified funding strategy was created to ensure that the ember states of the bloc would receive loans under the package known as the NextGenerationEU at an advantageous rate, reports Xinhua news agency.

The EU has set December 2058 as a deadline for itself to fulfil all the repayment, and plans to generate new own resources to strengthen the repayment capability.

Making the announcement at a press conference on Wednesday, European Commissioner for Budget and Administration Johannes Hahn also urged EU member states which have not ratified the Own Resources Decision to do so as soon as possible.

File photo shows the European Union flag and the Union Jack flag outside the Houses of Parliament in London, Britain. (Xinhua/Han Yan/ians)

“The message is clear: as soon as the Commission has been legally enabled to borrow, we are ready to get going,” said Hahn.

So far, Germany, Estonia, Poland, Hungary, Austria, Finland, Romania, the Netherlands, Ireland and Lithuania have not ratified the Decision.

All other 17 have ratified it, according to Hahn.

The EU has decided to release a historic stimulus package worth 1.8 trillion euros in 2018 prices, or over two trillion euros in current prices, to help the bloc tackle the economic fallout of the pandemic and achieve a greener and more digital recovery.

Read More:

https://londondailydigital.com/2021/04/15/eu-plans-ban-on-ai-for-mass-surveillance/
https://londondailydigital.com/2021/04/13/europe-suffering-from-covid-19-with-1m-deaths/
Previous Story

US Minorities Urged to Unite against Racism

Next Story

Boris: Lockdown Driving Decline in Cases

Latest from -Top News

UAE rolls out red carpet for Indian start-ups

MoU signed with IIT Bombay’s SINE as CEPA Start-up Series aims to accelerate market access for Indian ventures In a bid to bolster cross-border entrepreneurship and innovation, the UAE-India CEPA Council (UICC),

Masdar powers ahead in UK

€15 billion clean energy alliance powers ahead with East Anglia THREE investment and Baltic Eagle energisation….reports Asian Lite News Masdar, the UAE-based global clean energy powerhouse, and Iberdrola, one of the world’s

Indian Doctor Gets Top Sharjah Award

The award was presented by His Highness Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah. In a moment of immense pride for the Indian diaspora, renowned paediatrician-turned-entrepreneur Dr.

Peace talks in the desert

President H.H. Sheikh Mohamed reiterated the UAE’s unwavering support for initiatives aimed at fostering sustainable peace, dialogue, and development in the South Caucasus. He also applauded the willingness of the Armenian and

World’s energy thirst to grow: OPEC

UAE sticks to 5 million bpd oil output goal as OPEC launches new World Oil Outlook at Vienna seminar…reports Asian Lite News Haitham Al Ghais, Secretary-General of the Organisation of the Petroleum
Go toTop