The European Parliament adopted the Recovery and Resilience Plan. The historic vote provides the mechanism that will help the states in the European Union to recover from the pandemic caused by Covid-19.
The instrument puts forward over 670 billion euros for reforms and investments. Member states need to present those in a comprehensive national plan. Romania is expected to receive over 30 billion euros.
”COVID-19 is not only a global health crisis. It has also severely affected the global economy and financial markets. European Parliament adopted the Recovery and Resilience Plan for emerging stronger from this crisis.
It will play an important role in helping the member states, including Romania, recover from the economic and social impact of the pandemic. Also, the regulation says that only the states that respect the rule of law and the EU’s fundamental values can receive funds”, said MEP Vlad Gheorghe after the vote.
The funding will be available for three years. EU governments can request up to 13% pre-financing for their recovery and resilience plans. The rest of the funds will be paid based on the achievement of the agreed milestones and targets.
In order to be able to benefit the money, the national plans for recovery and resilience will need to focus on several fields: the transition through a green economy, including biodiversity, digital transformation, economic cohesion and competitivity. At least 37% of each plan’s allocation has to support the green transition and at least 20% the digital transformation.