(MENAFN- Saudi Press Agency) EU governments have reached an initial deal with the European Parliament paving the way for a 315-billion-euro
(346-billion-dollar) investment fund aimed at boosting growth and
jobs, the European Commission announced Thursday, dpa reported.
In more than 11 hours of overnight negotiations, lawmakers agreed to
the use of existing EU budget money to guarantee private investments
into infrastructure projects that had previously been considered too
risky, in an effort to kick-start the EU's sluggish economy.
'This is an investment plan - underpinned by the EU budget - that
benefits European people and businesses,' said commission Vice
President, Kristalina Georgieva, who holds the budget portfolio.
'We paved the way for fresh investment in energy efficiency,
broadband and transport,' said EU lawmaker Udo Bullmann, adding that
the new fund will help member states 'modernize their economy.'
Under the commission's initial proposals, 21 billion euros in
guarantees will be used to attract 315 billion euros in private
investments.
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