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EU Commission approves Germany's 25.6 billion euro recovery plan

·1 min read
FILE PHOTO: The skyline with its financial district is photographed during sunset as the spread of the coronavirus disease (COVID-19) continues in Frankfurt

BRUSSELS (Reuters) - The European Commission approved on Tuesday Germany's 25.6 billion euro plan to recover from the pandemic and transform the economy to become greener and more digitalised in coming years.

The scheme will be financed from EU grants only until 2026. Once the plan is also approved by EU finance ministers in July, Germany will get 2.3 billion euros in pre-financing for projects foreseen under the plan.

"The reforms and investments outlined will contribute to the digitalisation and decarbonisation of the German economy so that it is better prepared for the future," Commission head Ursula von der Leyen said in a statement.

The Commission said that Germany's plan allocated 42% of its total to measures that support cutting CO2 emissions, comfortably above the 37% required by the EU.

It aimed to decarbonise Germany industry, with a particular focus on renewable hydrogen, investments in sustainable mobility and the renovation of residential buildings to improve their energy efficiency.

Germany also plans to spend 52% of its total allocation to become more digital in public services, especially health, and businesses, again well above the EU requirement of 20%.

(Reporting by Jan Strupczewski)