European Commission: The Recovery Fund increased growth, investment and jobs

The European Commission said that the Recovery and Resilience Fund established by the European Union has already boosted economic growth, jobs and investment, bringing them halfway to achieving its plan goal, and mitigated the negative impact of the Russian invasion of Ukraine on Europe.

According to Reuters, the fund is a plan worth 723 billion euros for unprecedented joint borrowing in the European Union to provide grants and loans to the bloc’s 27 countries to help them recover after the economic recession during the Covid-19 pandemic.

The fund was established in 2021, and is scheduled to end its work in 2026. The Commission said on Wednesday that it had disbursed 225 billion euros of the total.

“Three years after its establishment, (the Fund) continues to support our economic recovery and stimulate positive change across the European Union,” European Commission President Ursula von der Leyen said in a statement. “We have seen funding for projects related to energy efficiency, renewable energy, and digitalization like never before.”