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International Internet Magazine. Baltic States news & analytics Tuesday, 22.09.2020, 04:39

Ministries in Latvia submit projects worth EUR 7.5 bln for EU recovery fund

BC, Riga, 15.09.2020.Print version
Latvian ministries have submitted projects worth EUR 7.5 billion for the EU recovery fund, LETA learned from the Finance Ministry.

The ministry has gathered information about the projects submitted by ministries and independent organizations for the new EU budget instrument -  Recovery and Resilience Facility. The total sum of the projects is EUR 7.5 billion.

The funding in the new facility is available for a time period until the middle of 2026. According to the Finance Ministry's estimates, the guaranteed sum for Latvia would be about EUR 1.6 billion, and the changing part has been estimated at EUR 300 million. In addition, Latvia might have access to funding worth EUR 2.3 billion.

Finance Minister Janis Reirs (New Unity) said that the new instrument is not only a huge opportunity, but also large responsibility.

The goal of the Recovery and Resilience Facility is to support reforms and investments, especially those related with transition to the green and digital economy, reduce the social and economic impact of the crisis.

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