Financial and business news from Bulgaria

Investment spending on projects in the EU increased to €251 billion in 2020

In 2020, EU member states accelerated their cohesion policy investments by €70 billion, increasing their total cohesion costs to 251 billion euros, the Commission said.
This corresponds to 52% of the planned €482 billion for the 2014-2020 programming period. At the same time, the financial allocation for projects has reached the maximum amount of available funding. This data shows on the updated European Structural and Investment Funds Platform (#ESIFOpendata), where key indicators for the implementation of cohesion policy on topics, countries and funds are easily accessible through an interactive instrument.

Cohesion and Reform Commissioner Eliza Ferreira said: “These indicators show that we are on the right track in implementing cohesion policy and that by 2023, at the end of the programming period, we will be able to make the most of the available cohesion policy funds.”

Sweden, Greece, Bulgaria, Cyprus, Finland, Portugal and the Netherlands are the best performers in terms of spending, while Hungary, Czech Republic, Malta, Latvia and Estonia have the highest cohesion policy investment rates allocated to projects. The acceleration of costs has also been made possible thanks to the flexibility that the European Member States have given to redeploy resources for emergency measures to combat the coronavirus pandemic. As a result, the EU helped states purchase 2.4 billion personal protective equipment, 4,500 ventilation apparatus, create 5,000 extra hospital beds and provide 3.7 million COVID-19 tests. In addition, businesses received 11.1 billion euros and workers and vulnerable groups — 3.4 billion euros.