Malta to receive €1 billion from the proposed €750 billion EU recovery plan

European Commission President Ursula von der Leyen arrives at the European Parliament ahead of a debate on the future partnership with the UK in Strasbourg, France, February 11, 2020. REUTERS/Vincent Kessler

Tista' taqra bil- Malti.

The European Commission has put forward its proposal for a major recovery plan and to ensure the recovery is sustainable, even, inclusive and fair for all Member States, the European Commission is proposing to create a new recovery instrument, Next Generation EU, embedded within a powerful, modern and revamped long-term EU budget of 750 billion.

Out of these €750 billion, Malta is expected to receive €992 million, according to sources. The official figure will be announced tomorrow.

Speaking to Newsbook.com.mt, Maltese MEP Roberta Metsola said that: “This could be a watershed moment for Europe and for Malta. We have managed to ensure that Malta and Gozo are eligible for a good recovery package – that unofficial reports have put at close to €1 billion – in grants and loans that we can use to transform our post-COVID-19 economy into truly a circular, sustainable, one. These loans and grants are essential to protect jobs, to rescue industries and save livelihoods.”

The Commission has also unveiled its adjusted Work Programme for 2020, which will prioritise the actions needed to propel Europe’s recovery and resilience.

The Next Generation EU of €750 billion as well as targeted reinforcements to the long-term EU budget for 2021-2027 will bring the total financial firepower of the EU budget to €1.85 trillion.

European Commission President Ursula Von der Leyen said that the recovery plan turns the immense challenge we face into an opportunity, not only by supporting the recovery but also by investing in our future.

Von der Leyen said that the European Green Deal and digitalization will boost jobs and growth, the resilience of societies and the health of our environment. “With Next Generation EU we are providing an ambitious answer” – said Von der Leyen.

In a statement issued by the European Commission it was explained how the money raised for Next Generation EU will be invested across three pillars:

  • Support to Member States with investments and reforms:
  • Kick-starting the EU economy by incentivising private investments:
  • Addressing the lessons of the crisis

The European Commission President stated that reaching a rapid political agreement on Next Generation EU and the overall EU budget for 2021-2027 at the level of the European Council by July is necessary to give a new dynamism to the recovery and equip the EU with a powerful tool to get the economy back on its feet and build for the future.

Additional reporting: Sephora Francalanza

If you want to be the first to receive the latest news on the coronavirus in Malta, download the Newsbook APP here.