EU Nears Decision To Back Up To $5.7 Billion In Funds For Poland
The European Union’s executive arm will soon recommend releasing some EU funds earmarked for Poland as part of the bloc’s efforts to reduce dependence on Russian energy supplies and diversify its green sources.
(Bloomberg) -- The European Union’s executive arm will soon recommend releasing some EU funds earmarked for Poland as part of the bloc’s efforts to reduce dependence on Russian energy supplies and diversify its green sources.
The maximum amount of non-conditional pre-financing that Warsaw could access is a fifth of combined €2.8 billion ($3 billion) in grants and €23 billion in additional loans requested in August under the so-called RepowerEU chapter, or €5.2 billion in total, people familiar with the matter said.
Poland will be able to access the funds after EU finance ministers confirm the European Commission’s recommendation, which is expected to happen at their Dec. 8 meeting. The final amount is also subject to the ministers’ approval.
“In that case, the Commission shall make up to two pre-financing payments, for a total amount of up to 20% of the additional funding requested by a member state to finance its REPowerEU chapter,” a Commission spokesperson said.
Poland has requested a total of around €60 billion in grants and loans as part of the EU’s pandemic recovery fund and the special instrument set up in the aftermath of Russia’s invasion of Ukraine.
The executive has refused to release most of the funds until the government in Warsaw reverses some of the most contested elements of its judicial overhaul that increases political influence over judges.
Read more: Poland Set to Win Approval for Some EU Funds This Year
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