The European Parliament, meeting today in Strasbourg, France, approved a program of some EUR 700 billion for public and private investment between 2021 and 2027, encouraging employment, growth and innovation.
In a statement issued after approval in plenary – 517 votes in favor, 90 against and 25 abstentions – the European Assembly said that the program in question, InvestEU, “will continue the Juncker Plan after 2020″ and aims to “mobilize investment to support employment, growth and innovation “in the European Union (EU).
It is now expected that InvestEU “will mobilize more than € 698 billion of public and private investment in the EU between 2021 and 2027, up from € 650 billion indicated in the European Commission’s proposal“, adds the European Parliament.
These are investments in “sustainable infrastructures“, for “research, innovation and digitization“, to support “small and medium-sized enterprises” and to promote “social investment and skills“.
The aim is thus to raise the employment rate within the EU, and to focus on economic, territorial and social cohesion and climate protection. The latter must account for at least 40% of the overall financial envelope of the program, according to the European Parliament.
After approval in plenary, the proposal will still have to be negotiated with the EU Council.
Also in a communiqué, the European Commission welcomes the approval of the proposal, arguing that this was an “important step towards the creation of the program, which will add several financial instruments for investments in the EU.”
Brussels also calls on the Member States to “expedite” their endorsement in order for the procedure to start.