EU Commission approves Sweden's 3.3 billion euro recovery plan By Reuters

EU Commission approves Sweden's 3.3 billion euro recovery plan

Economy Mar 29, 2022 04:11AM ET

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EU Commission approves Sweden's 3.3 billion euro recovery plan

BRUSSELS (Reuters) - The European Commission approved on Tuesday Sweden's post-pandemic recovery plan that will allow the country to get 3.3 billion euros in grants from the European Union until 2026 to make its economy greener and more digitalised.

The money is part of the EU's 800 billion euro recovery fund that all EU countries agreed on last year in an unprecedented joint borrowing scheme aimed at rebuilding the European economy from the deep recession caused by COVID-19 lockdowns.

Each country is entitled to a share of grants and cheap loans form the fund.

The Commission said 44.4% of the money for Sweden would be spent on measures that help prevent support climate change and 20.5% of on measures to make the economy more digitalised.

The Swedish plan will now be approved by EU finance ministers and the first money will be disbursed when Sweden reaches agreed milestones and targets in the planned investment.

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