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SENATOR: A new urban logistics model for sustainable cities
The new European project, in which Zabala is participating, seeks to improve the quality of life in cities by applying urban planning tools.
The European Commission has proposed a €750 billion recovery fund which includes a grant facility of up to € 310 billion and € 250 billion in loans.
The European Commission has presented a new recovery fund called “Next Generation EU”. With a budget of 750 billion euros to tackle the economic crisis caused by the coronavirus pandemic, this instrument will be financed with an unprecedented debt issue. Italy and Spain will be the main beneficiaries, as those are two of the countries hit hardest by the Covid-19.
The recovery fund aims to ensure a sustainable, equitable, inclusive and fair recovery for all Member States, according to information released by the EU executive. This aid package will be linked to the Multiannual Financial Framework for the period 2021-2027, and will raise the total financial capacity of the Union’s budget to 1.85 billion euros.
The plan will lead to the European community getting into substantial debt in the financial markets for the first time in 60 years. Moreover, a part of these resources will be transferred in the form of non-refundable subsidies for the first time in the EU’s history,
The subsidies will be allocated per country which could provide to Spain around 77 billion euros and Italy with 80 billion euros respectivly. The loans would be without interest but with safeguards to ensure that they reach the countries most in need. In this case Spain and Italy could receive around 63 billion and 90 billion euros respectively.
Next Generation EU will raise money by temporarily lifting the own resources ceiling to 2.00% of EU Gross National Income, allowing the Commission to use its strong credit rating to borrow €750 billion on the financial markets. This additional funding will be channelled through EU programmes and repaid over a long period of time throughout future EU budgets – not before 2028 and not after 2058. To help do this in a fair and shared way, the Commission proposes a number of new own resources. In addition, in order to make funds available as soon as possible to respond to the most pressing needs, the Commission proposes to amend the current multiannual financial framework 2014-2020 to make an additional €11.5 billion in funding available already in 2020.
The money raised for Next Generation EU will be invested across three pillars:
Source: ec.europe.eu
Read about a previous article on France and Germany recovery fund proposal for €500B.
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The new European project, in which Zabala is participating, seeks to improve the quality of life in cities by applying urban planning tools.
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BOOSTING INNOVATION
Ana Luisa Matias
Consultant in European projects
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