The EU's Recovery and Resilience Facility will make €672.5 billion available in loans and grants to support reforms and investments undertaken by Member States. The 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.
Member States will prepare recovery and resilience plans that set out a coherent package of reforms and public investment projects. To benefit from the support of the Facility, these reforms and investments should be implemented by 2026.
Each plan is expected to contribute to the four dimensions outlined in the 2021 Annual Sustainable Growth Strategy:
At the frontline of the crisis, it makes sense that local governments be involved in the reflection around how the allocated resources will be spent.
In an interview with the Italian newspaper "La Repubblica" the day before Roma's Festival of cities, Mayor of the Italian city of Pesaro Matteo Ricci recalled the key role played by local leaders in managing the crisis. "Cities and local areas should be the key players of the country's recovery.", he said. [...] We are now asking for a large part of the Recovery Fund to be directed to cities".
"[EUR20 billion] is the minimum request, because as municipalities and local governments, we are the ones who can spend those resources in the best and fastest way. But it's also a request from the [Italian] government that those resources get to the final beneficiaries as soon as possible. It's also a challenge for the municipalities themselves, so that they come together to build strategies".
Sources: https://ec.europa.eu/info/business-economy-euro/recovery-coronavirus/recovery-and-resilience-facility_en ; https://www.repubblica.it/politica/2020/09/28/news/coronavirus_sindaci_comuni_ali_matteo_ricci_pesaro_recovery_fund_festival_delle_citta_-268820455/
© photo European Commission's Audiovisual Services.