Finance ministry sends billion-dollar recovery plan for approval

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Estonia's plan for the European Union Recovery and Resilience Facility, which allocated the country almost €1 billion, has been sent to the government for approval. The plan must also be approved by the EU.

There are no major changes in the Ministry of Finance's draft compared to the previous draft approved by the coalition in the spring and totals €982.5 million. 

The recovery plan includes the design of the future new Tallinn Hospital costed at €280 million, the €100 million corporate green fund, €73 million of support for the digital revolution of the economy, €50.7 million for the development of a public digital service platform, €50 million for hydrogen technology development and €46.3 million for ambulance services.

After approval by the government, the Ministry of Finance will send the draft to the European Commission and the Council of Europe and then negotiations will take place.

Following formal negotiations, the European Commission will approve the plan and then submit it to the Council of Europe for approval. The funds can be used by Estonia until the end of 2026.

The Recovery and Resilience Facility will make €672.5 billion in loans and grants available to support reforms and investments undertaken by member states. It's aim is to mitigate the economic and social impact of the coronavirus pandemic and make European economies and societies more sustainable, resilient and better prepared for the challenges and opportunities of the green and digital transitions.

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Editor: Helen Wright

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