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Brussels agrees with eight neighboring countries to the financial aid program against the coronavirus

August 11, 2020

The European Commission agreed on Tuesday the terms of the macro-financial assistance program with eight countries in the European neighborhood, from which they will benefit to deal with the coronavirus crisis.

In particular, Brussels has signed a Memorandum of Understanding with Ukraine on behalf of the EU, through which it will have access to 1,200 million, with Albania (180 million), Georgia (150 million), Jordan (700 million) and Kosovo (100 million ), Moldova (100 million), Montenegro (60 million), North Macedonia (160 million). The negotiations with Bosnia and Herzegovina and Tunisia have yet to be concluded. These memoranda give countries access to funds in exchange for concrete reforms.

In this way, Brussels is implementing its approach proposed in April aimed at providing global solutions to the coronavirus crisis so that these countries can obtain loans on favorable terms to meet their most immediate financial needs. The funds have a temporary term for the next 12 months.

Brussels agrees with eight neighboring countries to the financial aid program against the coronavirusBrussels agrees with eight neighboring countries to the financial aid program against the coronavirus

In the words of Economic Commissioner Paolo Gentiloni, the agreement is a sign of Community solidarity with the candidate countries and the Union’s neighbors. “The pandemic knows no borders and its unprecedented economic impact affects every country in the world. As the EU, we have the financial strength to help them limit the economic blow the virus suspects,” he said.

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