The EU Commission has received Spain’s 5th payment request under the Recovery and Resilience Facility (RRF), for up to €6.7 billion in grants and €15.4 billion in loans, net of pre-financing. These amounts are subject to increase to €8 billion in grants and €15.9 billion in loans net, should the Council formally adopt the revision of the Spanish plan.
The EU’s objectives are commendable and the funds reasonably large, yet much smaller than those deployed under the BRI. The Global Gateway also faces significant challenges that could undermine its effectiveness.
The EU Commission has today received Estonia’s third payment request under the Recovery and Resilience Facility (RRF), amounting to €122 million in grants (excluding pre-financing).
The EU Commission today adopted a decision to disburse €50 million (€45 million in loans and €5 million in grants) to Moldova. The disbursement will take place in the coming days. This will be the fifth and final tranche of ongoing macro-financial assistance (MFA) for Moldova since its launch in July 2022. In total, with this latest payment, Moldova received a total amount of €295 million under this MFA-specific operation.
The EIB Group offers €3 billion in loans for agriculture and other bioeconomy activities across Europe with focus on young farmers, gender equality and green investments. The Group is also working with the EU Commission to develop new forms of agricultural insurance and de-risking schemes against extreme weather events.
The European Commission has adopted an amendment of the ‘de minimis’ Regulation for the agricultural sector (‘Agricultural de minimis Regulation’). The Regulation exempts small amounts of support in the agricultural sector from State aid control since they are deemed to have no impact on competition and trade in the Single Market.
The EU Ecofin Council today approved the EU Commission’s positive assessment of amended recovery and resilience plans submitted by Sweden, Slovenia, Denmark, and Belgium. According to the EU Commission, the targeted modifications by the member states do not affect the relevance, effectiveness, efficiency and coherence of their recovery and resilience plans.
Among other issues, EU Finance Ministers were informed of the customs reform progress. They also debated the revision of the energy taxation directive. The EU Commission presented draft Council recommendations on the economic governance review and the excessive deficit procedure. Ministers took note of the state of play of the impact of Russia’s aggression against Ukraine.
Ukraine will soon receive close to €4.1 billion in funds after the Council greenlighted the second regular payment of grants and loans under the EU’s Ukraine Facility, to support Ukraine’s macro-financial stability and the functioning of its public administration.
The European Commission has approved a €2.6 billion Estonian scheme to support renewable offshore wind energy to foster the transition towards a net-zero economy. The scheme was approved under the State aid Temporary Crisis and Transition Framework (‘TCTF’).
The European Investment Bank (EIB) will continue to support the region’s green and digital transition, EU accession and connectivity efforts, contributing to its economic resilience.
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