ECONOMY

EU finance ministers green-light Cyprus recovery plan

eu-finance-ministers-green-light-cyprus-recovery-plan

The ECOFIN council of European Union finance ministers approved on Monday the national recovery plans of Cyprus as well as those of Croatia, Lithuania and Slovenia, paving the way for the disbursement of EU pre-financing for projects envisaged under the schemes.

The national plans are part of the EU’s unprecedented 800 billion-euro scheme to make economies after the Covid-19 pandemic greener and more fit for the digital age.

Each of the EU’s 27 countries will get EU grants and, if wanted, cheap loans to finance such reform and investment. [Reuters]