On Tuesday 10th November 2020, the European Parliament and the Member States agreed on the design of the Multiannual Financial Framework for the period 2021-27 and the Next Generation EU Fund. The whole package consists of a total of EUR 1.8 trillion.
More than 50% of the fund will support modernization through policies including innovation and research (Horizon Program). 30% of the EU funds will be spent to fight climate change.
President Ursula von der Leyen said: “I welcome today’s agreement on our Recovery Plan and the next Multiannual Financial Framework. We now need to move forward with finalising the agreement on the next long-term budget and NextGenerationEU by the end of the year. Help is needed for citizens and business badly hit by the coronavirus crisis. Our recovery plan will help us turn the challenge of the pandemic into an opportunity for a recovery led by the green and digital transition”.
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