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MNI BRIEF: EC Unveils Targeted Limited Budget Reprioritising

European Commission President Ursula von der Leyen unveiled the proposed response to the US Inflation Reduction Act on Tuesday, which she said would result in €160bn of support for clean and green tech industries once private capital has also been leveraged.

The new Strategic Technologies European Platform (STEP) will draw on existing EU funding programs, including InvestEU, the Innovation Fund and Cohesion funding, but the Commission is also calling for €10bn of new funds to “reinforce” the spending on priority areas like Green and Clean Tech.

The Commission chief also proposes today a new €50bn fund for Ukraine which would be composed of loans and grants and calibrated according to developments on the ground in the country. The proposals will be discussed by EU leaders late next week.

MNI Brussels Bureau | david.thomas.ext@marketnews.com
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MNI Brussels Bureau | david.thomas.ext@marketnews.com
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