Following the announcement of the Recovery Plan (ERP) by the European Commission on 27 May, European leaders have now agreed to create a EUR 750 billion (US 858 billion) recovery fund to support the recovery of EU economies affected by the COVID-19 crisis. The fund will allow companies to benefit from direct grants and favorable loans for 'green' initiatives in order to catalyze investment and kick start the economy post-COVID-19.
At Baker McKenzie, we believe that the ERP has huge potential to drive major change for companies that choose to explore growth opportunities through the scheme without delay. The Commission is expected to launch a first call for funding submissions in early autumn, and more will follow in 2021 and 2022. A user-friendly interactive document that provides further information and contact details for our ERP experts is attached.