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The European Commission endorses French recovery and resilience plan


The European Commission has adopted France's National Recovery and Resilience Plan (NRRP), which will receive €39.4bn in loans and grants.



Ursula von der Leyen approves the recovery and resilience plan proposed by Emmanuel Macron (photo: EU)
Ursula von der Leyen approves the recovery and resilience plan proposed by Emmanuel Macron (photo: EU)
FRANCE. The European Commission adopted France's National Recovery and Resilience Plan (NRRP) late on Wednesday 23 June 2021. Under the NextGenerationEU programme, Paris will be able to receive a total of €39.4bn in loans and grants, i.e. 40% of the funding for its plan.
 
"Thanks to the European support of €39 billion, France has a unique opportunity to relaunch its economy after the pandemic on a more solid and sustainable basis," said Paolo Gentiloni, European Commissioner for Economy.
 
According to the European Commission, the French plan devotes 46% of its total budget to measures supporting climate objectives. The plan foresees investments in the energy renovation of public and private buildings (€5.8bn), clean mobility and decarbonisation of industrial processes as well as R&D and innovation. 21% will go towards supporting the digital transition with the digitalisation of businesses (€385m), schools (€131m) and public administration (€500m). To strengthen France's economic and social resilience, the NRRP will put €240m into the deployment of high-speed broadband, €2.5bn into modernising the health system, €2.5bn into training programmes and €4.6bn into youth employment and training.

A €5.1bn pre-payment

"France has presented a truly forward-looking recovery plan. It includes major investments in clean hydrogen, transport and energy efficiency that will enable France to achieve its environmental ambitions, while promoting the competitiveness and innovation of its industry. The plan will help a wide range of sectors to become more digital: businesses, public administration, schools and the health sector," said Valdis Dombrovskis, the European Commission Executive Vice-President for an Economy that Works for People.
 
Once the European Council has approved the NRRP, France will receive a first pre-financing payment of €5.1bn, or 13% of the amount allocated to that country. "The Commission will authorise further payments when France satisfactorily meets the milestones and targets set out in the Council's implementing decision, reflecting the progress made in implementing investments and reforms," says one of its press releases.
 
The European Commission has already approved the NRP of Portugal, Spain, Greece and Italy.

The nine components of the French NRRP


Eric Apim


Thursday, June 24th 2021



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