Belgium to receive €5 billion from EU's post-coronavirus recovery fund

Belgium to receive €5 billion from EU's post-coronavirus recovery fund

Belgium is late, "but not too late" in terms of a recovery plan, Secretary of State for Recovery and Strategic Investments Thomas Dermine told LN24 and Matin Première on Thursday morning.

"The finish line set by the European Union is the same for everyone and we will be there,” he assured, stressing the need to select "the right projects" for this recovery plan.

Belgium can count on an envelope of some €5 billion from the European Commission, but it must submit its recovery plan to the commission to ensure that it's in line with criteria and priorities, which, as RTBF explained, include climate and digital transitions.

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The coronavirus epidemic has "changed the world” with an awareness of the need for collective investment in the face of the major challenges of our time, Dermine continued.

The way of thinking about public funds has changed, according to Dermine. “The European Commission, which yesterday locked us in budgetary shackles, is now telling us to invest massively. It no longer holds us back. On the contrary, it gives us the means,” he explained.

Federal money will be added to the Commission envelope for a final budget of around €10 billion. "We are counting on a multiplier effect of between 2 and 4 of this envelope to launch major investment projects,” Dermine added.

"If we manage to concentrate these investments in sectors where Belgium can excel, we will have real levers for the future," he concluded.

Jason Spinks

The Brussels Times

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