NextGenerationEU: European Commission disburses €271 million in pre-financing to Finland
The European Commission has today disbursed €271 million to Finland in pre-financing, equivalent to 13% of the country's financial allocation under the Recovery and Resilience Facility (RRF). The pre-financing payment will help kick-start the implementation of the crucial investment and reform measures outlined in Finland's recovery and resilience plan.
The Commission will authorise further disbursements based on the implementation of the investments and reforms outlined in Finland's recovery and resilience plan. The country is set to receive €2.1 billion in total, fully consisting of grants, over the lifetime of its plan.
Since June 2021, the Commission has raised €71 billion for NextGenerationEU via long-term EU Bonds – €12 billion of which through the first-ever NextGenerationEU green bond issuance. On 14 December, the Commission published its funding plan for the first semester of 2022. The plan foresees the issuance of €50 billion of long-term EU Bonds between January and June 2022, to be complemented by short-term EU-Bills. In addition, the Commission currently has around €20.5 billion in EU-Bills outstanding.
The RRF is at the heart of NextGenerationEU which will provide €800 billion (in current prices) to support investments and reforms across Member States. Finland's plan is part of the unprecedented EU response to emerge stronger from the COVID-19 crisis, fostering the green and digital transitions and strengthening resilience and cohesion in our societies.
Supporting transformative investments and reform projects
The RRF in Finland finances investments and reforms that are expected to have a deeply transformative effect on Finland's economy and society. Here are some of these projects:
- Securing the green transition: Finland's plan supports the green transition through investments of €319 million in decarbonisation of the energy sector, namely in energy transmission and distribution and in new energy technologies. €156 million will be invested in low-carbon hydrogen along the hydrogen value chain as well as in carbon capture, storage and recovery. The objective of the investments is to contribute to Finland's goal to achieve carbon neutrality by 2035 by stimulating the introduction of new clean technologies for energy production and use.
- Supporting the digital transition: The plan supports the digital transition with investments and reforms amounting to €50 million in high-speed broadband infrastructure across Finland. It increases the quality and availability of communication connections in areas where such connections are not provided based on market mechanisms alone. Digital innovations for social welfare and health care servicesare supported with €100 million.
- Reinforcing economic and social resilience: The plan reinforces economic and social resilience by allocating €90 millionto the reform of the Public Employment Services to increase the employment rate. The plan invests €260 million in streamlining healthcare service processes and providing faster and more equal access to social and health services as well as to promote prevention and early identification of health issues.
Latest News from
European Semester Spring Package: Sustaining a green and sustainable recovery in the face of increased uncertainty24/05/2022 10:25:00
The European Commission's 2022 European Semester Spring Package provides Member States with support and guidance two years on from the first impact of the COVID-19 pandemic and in the midst of Russia's ongoing invasion of Ukraine.
Commission (Eurostat) publishes 2022 report on Sustainable Development Goals in the European Union24/05/2022 09:25:00
Eurostat, the statistical office of the European Union, yesterday published the ‘Sustainable development in the European Union – 2022 monitoring report on progress towards the SDGs in an EU context', which provides a statistical overview of progress towards the Sustainable Development Goals (SDGs) in the EU.
State aid: Commission approves €16 million Finnish scheme to support farmers in context of Russia's invasion of Ukraine23/05/2022 16:33:00
The European Commission has approved a €16 million Finnish scheme to support the agricultural sector in the context of Russia's invasion of Ukraine.
Hong Kong: EU report sees a continued deterioration of fundamental freedoms23/05/2022 15:25:00
The European Commission and the High Representative recently (20 May 2022) reported on political and economic developments in the Hong Kong Special Administrative Region.
Increased support for EU farmers through rural development funds23/05/2022 14:33:00
The European Commission proposed an exceptional measure funded by the European Agricultural Fund for Rural Development (EAFRD) to allow Member States to pay a one-off lump sum to farmers and agri-food businesses affected by significant increases in input costs.
Macao: EU report highlights increasing challenges to political rights and fundamental freedoms23/05/2022 13:25:00
The European Commission and the High Representative recently (20 May 2022) reported on political and economic developments in the Macao Special Administrative Region, covering 2021.
EU disburses €600 million in Macro-Financial Assistance to Ukraine23/05/2022 12:38:00
The European Commission, on behalf of the EU, recently (20 May 2022) disbursed €600 million in Macro-Financial Assistance (MFA) to Ukraine. Following Russia's unprovoked and unjustified invasion, this urgent financial support helps Ukraine address its acute financing gap related to its exceptional humanitarian and defence needs.
State aid: Commission approves €500 million Luxembourgish scheme to support companies in context of Russia's invasion of Ukraine23/05/2022 11:33:00
The European Commission has approved a €500 million Luxembourgish guarantee scheme to support companies across sectors in the context of Russia's invasion of Ukraine.