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MNI: EU To Redirect EUR200Bln NGEU Loans Due To War- Officials

MNI (Brussels)

The EU is likely to redirect loans meant to help rebuild the economy after Covid to tasks such as ending energy dependence on Russia.

European Union finance ministers are set to back a European Commission proposal to redirect more than EUR200 billion in loans left unused in the NextGenerationEU facility towards new priorities such as ending energy dependence on Russia, and might agree to allow member states to access funds originally allocated to other countries, EU sources told MNI.

The Commission could publish guidance as soon as next Wednesday to permit states to rapidly access unused loans from NGEU, which was established to restore the EU economy to health in the wake of the Covid pandemic, sources said. The announcement of a large new facility to provide loans to Ukraine is also due on May 18.

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European Union finance ministers are set to back a European Commission proposal to redirect more than EUR200 billion in loans left unused in the NextGenerationEU facility towards new priorities such as ending energy dependence on Russia, and might agree to allow member states to access funds originally allocated to other countries, EU sources told MNI.

The Commission could publish guidance as soon as next Wednesday to permit states to rapidly access unused loans from NGEU, which was established to restore the EU economy to health in the wake of the Covid pandemic, sources said. The announcement of a large new facility to provide loans to Ukraine is also due on May 18.

Keep reading...Show less