Italian Prime Minister "Satisfied with EU Recovery Fund Agreement... Will Use for Investment and Structural Reforms"

Italian Prime Minister Giuseppe Conte
Photo by EPA Yonhap News

[Asia Economy Reporter Choi Dong-hyun] The Prime Minister of Italy expressed his welcome regarding the European Union (EU) leaders' agreement to implement a 750 billion euro (approximately 1030 trillion won) recovery fund to mitigate the economic shock caused by the novel coronavirus disease (COVID-19).

According to local Italian media, Prime Minister Giuseppe Conte told reporters immediately after the agreement on the 21st (local time), "I am satisfied with the contents of the agreement," and added, "We have approved an ambitious and appropriate recovery plan to respond to the crisis we are experiencing." He emphasized, "We have achieved this outcome while preserving Italy's dignity and national sovereignty."

Prime Minister Conte also mentioned that 28% of the total recovery fund, amounting to 209 billion euros (approximately 285 trillion won), will be allocated to Italy. Of this, 81 billion euros (approximately 112 trillion won) are grants that do not need to be repaid, and 127 billion euros (approximately 173 trillion won) will be provided in the form of low-interest loans. These funds are expected to be used for the recovery of Italy's economy, which has been severely impacted by COVID-19. Italy is currently considered the country most economically affected by COVID-19 in Europe.

Conte stated, "We must bear a great responsibility," and added, "With the 209 billion euro support, we have gained an opportunity to vigorously restart Italy and transform the framework of the nation." He further emphasized, "This support must be used for investment and structural reforms."

This content was produced with the assistance of AI translation services.