EU aims to release virus recovery fund billions by summer

Top European Union officials on Friday urged member countries to swiftly submit plans for how they would use their share of the bloc’s massive coronavirus recovery fund so that the sorely-needed money can be released starting this summer.

The call came as the officials signed an agreement on a 672.5 billion-euro ($814 billion) “Recovery and Resilience Facility” made up of loans and grants devised to help the EU’s 27 countries breathe new life into their virusravaged economies.

The facility is the central pillar of the 750 billioneuro ($908 billion) recovery plan adopted by EU leaders last year. It must still be endorsed by national parliaments, hopefully within weeks.

Once that is ratified, “the (European) Commission will go to the market, raise money, and disburse,” Commission President Ursula von der Leyen said.

“By mid-year we should be able to disburse the first funds,” she said. Up to 13% could be handed over then.

Von der Leyen also said that the EU aims to have 70% of adults across the 27-nation bloc, which has a population of around 450 million people, vaccinated by the end of the summer.

To receive their share of the recovery aid, which is linked to a series of undertakings and respect of the rule of law, EU countries have been requested to submit reform plans by the end of April. The plans must dedicate at least 37% of the budgets to climate and at least 20% to digital transformation. The funding will be available for three years.

So far, 19 EU countries have submitted draft plans to the Commission, which is in charge of their assessment. Seven other countries are well advanced in what von der Leyen described as a “humungous” process.

The 84th Foundation Day of Indian Overseas Bank was celebrated on February 10, 2021. Partha Pratim Sengupta, MD & CEO, Ajay Kumar Srivastava, Executive Director and A B Vijayakumar, CVO garlanded the Statue of the Founder, M. Ct. Chidambaram Chettiar at the IOB premises. M Ct P Chidambaram Chettiar and Valliammai, members of the Founder ’s family also graced the occasion.

The Delhi High Court on Friday asked the Centre to get the National Sports Federations in order by ensuring they follow the sports code and not to give them any relaxations with regard to grant of recognition.