EP adopts program worth billions of euros for investment

On Tuesday (9 March), the European Parliament adopted the InvestEU program. In the new EU budget perspective in 2021-2027, €26 billion has been guaranteed for it, which is estimated to mobilize a total of €400 billion for investments in all EU member states.

The European Parliament approved the agreement reached with the Council with 496 votes in favor and 57 against. 144 MPs abstained.

The program is part of the €750 billion NextGenerationEU recovery package to help repair the economic damage caused by the Covid-19 pandemic. InvestEU was tentatively agreed to in December 2020. Its task will be to stimulate investment in the production of pharmaceutical products, medical materials, and the production of ICT components and devices in the EU. The program is to cover small and medium-sized enterprises.

"The extensive InvestEU Program will be able to provide enterprises with the necessary support during the reconstruction phase, while at the same time – in line with the original objectives – it will focus primarily on investments in the medium and long-term priorities of the Union's policy, such as the European Green Deal," the EP regulation reads.

The program focuses on four main objectives: sustainable infrastructure (€9.9 billion), research, innovation and digitization (€6.6 billion), small and medium-sized enterprises (€6.9 billion), social investment (€2.8 billion).

“The EU needs public and private investments to become more competitive, productive and to boost its territorial cohesion. Invest EU brings in additional funds to turn projects that otherwise wouldn’t see the light of day into reality. Our strategic sectors, such as pharmaceuticals, should be independent. We need to help regions that suffered the most, and EU citizens deserve investment and high-quality jobs,” José Manuel Fernandes (EPP, PT), lead MEP from the Budgets Committee said.

(WBJ)