BRUSSELS, Feb 21 (Reuters) – The European Union’s Recovery and Resilience Facility (RRF) has already boosted economic growth, jobs and investment half-way through the scheme and cushioned the negative impact on Europe of Russia’s invasion of Ukraine, the European Commission said.
The RRF, called the Recovery Fund, is a 723 billion euro scheme of unprecedented joint EU borrowing to provide grants and loans to the EU’s 27 countries to help them recover after the economic slump during the COVID-19 pandemic.
Launched in 2021, it is to end in 2026. The Commission said on Wednesday it has disbursed 225 billion euros of the total.
“Three years into its existence, (it) continues to support our economic recovery and drives positive change across the EU. We have seen funding for energy efficiency, renewable energy and digitalisation projects like never before,” EU Commission head Ursula von der Leyen said in a statement.
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