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European Union unveils recovery fund financing plan

·1 min read

April 14 (Reuters) - The European Union adopted a funding strategy for its 800 billion euro coronavirus recovery funding plan on Wednesday, the EU commissioner for budget and administration said.

The EU will raise 800 billion euros from this year to the end of 2026 through the plan, Johannes Hahn told reporters in a virtual press conference.

The funding infrastructure backing the issuance should be ready by June with funding to start in July, Hahn said.

The EU will borrow an average of around 150 billion euros per year under the programme, which will include up to 250 billion euros of green bonds financing environmentally beneficial projects, Hahn said, in line with expectations.

The EU will issue bills, medium and long-term bonds under the programme using a combination of syndications and auctions, as announced previously.

It will publish its funding plans every six months, Hahn said. (Reporting by Yoruk Bahceli; Editing by Dhara Ranasinghe)