The EU provides funding for a range of projects and programmes. It applies strict rules, for tight control over how funds are used and to ensure money is spent in a transparent, accountable manner.
The Recovery and Resilience Facility (RRF), which entered into force on 19 February 2021, is a temporary recovery instrument. It aims to help the EU achieve its target of climate neutrality by 2050 and to set it on a path of digital transition, creating jobs and spurring growth in the process.
It has been financing reforms and investments in Member States since the start of the pandemic in February 2020 and will continue to do so until 31 December 2026. The RRF provides large-scale financial support to public investments that are channelled towards projects in six key areas (pillars): green transition; digital transformation; economic cohesion, productivity and competitiveness; social and territorial cohesion; health, economic, social and institutional resilience; and policies for the next generation.
The support is given in the form of grants (€338.0 billion) and loans (€385.8 billion), in current prices. As co-legislator, the European Parliament defined how RRF funds can be spent. By exercising its control function, the European Parliament has a key role in overseeing the RRF implementation, from the evaluation of the national plans to the assessment of payment requests by Member States. There are also other funds such as ERDF or ESF that help member states to tackle disparities.
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