The European Commission today, i.e., July 16, 2021, approved the Recovery and Resilience Plan of Ireland, paving way for funds in tune of € 989 million for investments and reforms that will help Ireland Lithuania emerge stronger form the Coronavirus (COVID-19).
As per Ireland’s Recovery and Resilience Plan, it will devote 42% of the funds to climate objectives which includes steps for supporting energy efficiency, sustainable mobility, biodiversity and ecosystems.
It will also devote 32% of the funds to digital transition which will include measures like enhancing connectivity, supporting the digitalisation of the public administration and of enterprises and contributing to up-skilling in the educational system.
It will invest € 155 million to renovate residential and public buildings and to support businesses that improve their energy efficiency so as to reduce the country’s greenhouse gas emissions.
Taking it to twitter, the President of European Commission – Ursula von der Leyen tweeted,
🇮🇪 Green light for Ireland's recovery and resilience plan!
— Ursula von der Leyen (@vonderleyen) July 16, 2021
It is a well-balanced mix of investments and reforms to power the green and digital transition.
As you say in Ireland, a good start is half the work!
And you’re off to a very good start.
The European Commission also tweeted,
Let’s make it real for Ireland! 🇪🇺🇮🇪
— European Commission 🇪🇺 (@EU_Commission) July 16, 2021
We have approved a budget of €989 million.
President @vonderleyen came to Dublin to hand over our assessment of the #NextGenEU plan to make Ireland emerge stronger from the COVID-19 pandemic.#MakeItReal
It further tweeted,
Let’s #MakeItDigital for Ireland 📱.
— European Commission 🇪🇺 (@EU_Commission) July 16, 2021
Public administration and private businesses will be supported through the digital transition, while schools will get help in promoting digital skills 💪.#MakeItReal pic.twitter.com/HgbggCNbRO
It will also allocate € 40 million for fostering the development of new educational and technical programmes in technical universities.
European Commission tweeted,
With #NextGenEU support, Ireland will build social and economic resilience for generations to come.
— European Commission 🇪🇺 (@EU_Commission) July 16, 2021
The plan lays out reforms and investments in:
🟡 housing
🟡 pensions
🟡 entrepreneurship
🟡 healthcare
🟡 higher education#MakeItReal pic.twitter.com/EZoDDuCkSO
The plan also lays out roadmap for reforms in the areas of social and affordable housing, health, pensions and the business environment. It will also put in place measures to partially address challenges in the areas of anti-money laundering and aggressive tax planning. The plan includes investments to stimulate research and innovation, promote private investment as well as targeted measures to develop skills and support employment.
The E.U. had announced a € 672.5 billion Recovery and Resilience Facility (RRF) in 2020 to help European economies cope-up with the fight the economic crisis caused by Coronavirus (COVID-19). Of this, € 312.5 billion will be given as grants and € 360 billion in loans. All the 27 Member States are required to submit a recovery and resilience plan to get their share of funds.
