Econostrum | Economic News in the Mediterranean

The EU has released €53.7 billion to help its partner countries absorb the consequences of Covid-19

Written by Eric Apim on Tuesday, September 13th 2022 à 15:55 | Read 206 times

Team Europe has provided vaccines (photo: European Commission)
Team Europe has provided vaccines (photo: European Commission)
EU. The European Union (EU) has more than met its financial commitments to its partner countries. With its Member States and European financial institutions (including the European Investment Bank - EIB - and the European Bank for Reconstruction and Development - EBRD), it had promised, on April 8, 2020 when the group called "Team Europe" was formed, to release € 20 billion in 2021 to help them cope with the pandemic and its consequences.

In January 2021, this envelope was increased to 40.5 billion euros and in April 2021 to 46 billion euros. According to a communication from the European Commission on Tuesday, September 13, 2022, it has reached €53.7 billion for all support measures in 2021. 47.7 bn have already been disbursed by 31 December this year, or 88.8% of the total.

"I am proud that Team Europe, although itself affected by the Covid-19 crisis, has managed to combine its efforts and provide concrete proof of its solidarity with partner countries affected by the pandemic and its consequences," said Jutta Urpilainen. "Team Europe will also continue to help them face new multifaceted and global crises, such as the unjust consequences of Russia's aggression against Ukraine", assures the European Commissioner for International Partnerships.

15.6 billion for the countries covered by the neighborhood policy

Team Europe's action has already benefited 140 partner countries, with precisely €3 billion for emergency response to humanitarian needs, €10.6 billion allocated to strengthening health, water and sanitation systems, and €34.1 billion to "mitigate the social and economic consequences of the pandemic, including job losses and education," as the European Commission points out.

The €47.7 billion already disbursed have gone mainly (€13.6 billion out of the €15.6 billion expected for 2021) to countries covered by the neighborhood policy. However, they also complemented various global programs to the tune of €8.6 billion (€9.7 billion). Sub-Saharan Africa received €8.3 billion (out of €9 billion) and the Western Balkans with Turkey €6.8 billion (out of €7.6 billion in total).

The European Commission contributed €16.6 billion to this EU external response to the pandemic, the Member States €17.5 billion, the EIB €12.1 billion and the EBRD €12.1 billion.

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