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The European Union raised less money in the capital market this year than originally planned for its pandemic stimulus program to help countries recover from the crisis caused by the Covid-19 explosion.
Fewer bonds were issued as demand for payments was lower, so financing needs for 2021 were adjusted, the European Commission said.
However, according to a spokesman, the European Commission will have sufficient funds to make all payments in the future. A total of 71 billion euros ($ 80 billion) in bonds have been issued, less than the initial € 80 billion.
The bonds are part of a € 800 billion program to support the bloc’s recovery from the pandemic and help build a greener, more digital and resilient Europe.
The bonds included € 12 billion worth of green “green bonds” dedicated to financing climate-friendly projects as part of reconstruction plans, such as energy transition research projects. The program is financed by debts that must be repaid collectively by 2058.
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