The EU budget for 2021-2027″ is actually twice as high as for the previous seven-year period. This was stated by French President Emmanuelle Macron at a press conference following the EU summit. The event was broadcast on Twitter at the Elysian Palace.
The total amount of the seven-year budget plan of the EU and the EU Economic Recovery Fund approved at the summit is €1.824 trillion. The budget for 2014-2020 was €959 billion.
Up to 30% of all funds will be allocated for climate related projects, said the French leader.
Earlier on July 21, it was reported that the EU leaders reached an agreement on the community budget plan for 2021-2027 and economic recovery after the Coronavirus Pandemic.
Belgian Prime Minister Sophie Wilmes confirmed that at the summit participants agreed on a compromise version of the seven-year EU budget plan worth €1.074 trillion and €750 billion of extra-budgetary funding. It is planned to be raised in the form of loans.