EU Commission approves Czech recovery plan of 7 billion euros

Tuesday, July 20, 2021
EU Commission approves Czech recovery plan of 7 billion euros © Reuters. FILE PHOTO: European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium May 5, 2021. REUTERS/Yves Herman

BRUSSELS (Reuters) - The European Commission approved on Wednesday the Czech Republic's 7 billion euro plan to recover from the pandemic and transform the economy to become greener and more digitalised in coming years.

The scheme will be financed from EU grants until 2026. Once the plan is also approved by EU finance ministers, Czechia will get 910 million euros in pre-financing for projects foreseen under the plan.

More cash will be paid out on completion of agreed stages of the reforms and investment spelled out in the approved plan.

The Commission said Czechia planned to spend 42% of its money to reach climate-neutrality goals, including investment in renewable energy, modernisation of district heating, replacement of coal-fired boilers and improving the energy efficiency of residential and public buildings.

The plan also includes measures for nature protection and water management as well as investment in sustainable mobility.

Prague will also invest 22% of the total to make the economy more fit for the digital era, including investment in digital infrastructure, the digitalisation of public administration, including the areas of health, justice and the administration of construction permits.

The plan also includes measures to improve Czech citizens' digital skills at all levels.

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27-07-2021 02:48:42 (UTC+7)

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 EUR/JPY130.29↑ Buy
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 Natural Gas4.066↑ Sell
 US Coffee C207.90↑ Buy
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 IBEX 358,775.20Neutral
 BASF67.540↑ Buy
 Bayer51.40↑ Buy
 Allianz210.90↑ Buy
 Adidas311.95↑ Sell
 Lufthansa9.847↑ Sell
 Siemens AG134.56↑ Buy
 Deutsche Bank AG10.660↑ Buy
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