Greece Likely to Receive €19B from EU Budget

Greece is very likely to receive €19 billion ($22 billion) from the EU in its Regional Development and Cohesion Policy for 2021-2027, a European Commission statement claims.

This is a result of shifting a large part of support funds from central and Eastern Europe to countries such as Greece, Spain and Italy, all of which have problem economies.

According to proposals published on Tuesday, Greece is set to receive €19.2 billion from the European Commission development budget for 2021-2027.

The commission said: “The EU’s economy is bouncing back, but additional investment efforts are needed to tackle persistent gaps between and within member states. With a budget of €373 billion in commitments for 2021-2027, the future Cohesion Policy has the investment power to help bridge these gaps.”

The statement further says that southern and eastern regions lagging behind in terms of growth or income will keep benefiting from important EU support:

“Cohesion Policy will continue investing in all regions, as many of them across Europe — including in richer member states — struggle to achieve industrial transition, fight unemployment and hold their own in a globalised economy.”

Source: GreekReporter