May 19, 2020 / 1:26 PM / 10 days ago

EU exec to propose 1 trln euro recovery plan with grants and loans

BRUSSELS, May 19 (Reuters) - The European Commission will present next week a recovery plan that will exceed 1 trillion euros in a mix of grants and loans, the Commission’s Executive Vice President Valdis Dombrovskis said on Tuesday.

Dombrovskis, speaking at a press conference after a meeting of European Union finance ministers, welcomed a proposal put forward by France and Germany on Monday for a 500 billion euro economic recovery fund to disburse grants to the regions and sectors worst hit by the COVID-19 pandemic.

But he said the Commission would be bolder.

“Our ambition is not to increase the financing capacity in the range of hundreds of billions, but rather by a figure exceeding a trillion euros,” he said.

“Of course in this case we are talking about both in loans and grants. That’s the level of ambition we are discussing the context of our recovery instrument proposal,” he said. (Reporting by Jan Strupczewski)

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