EU to invest billions in regional development for 2014-2020
2013-07-11 16:53:36
The European Union is to invest 325 billion euros (about $421 billion), or one third of its next seven-year budget, in regional development projects for 2014-2020, according to the European Parliament.
The new funding was aimed at boosting local growth and jobs. Local and regional partners will have a bigger say in decision while regional policy will focus more closely on environmental issues, according to the draft rules approved by the European Parliament's regional development committee here on Wednesday.
The Committee's chair Danuta Hubner said that further compromises needed to be made with the EU Council on remaining issues of the whole legislative package, so that a final vote could be made in October and regional programs could start running by next year.
The EU's structural funds, which includes the regional development fund, together with the cohesion fund and the common agriculture policy, make up the majority of total EU budget. The major task for the regional development fund is to reduce regional disparities in terms of income, wealth and opportunities.