Support will be provided to regions and economic sectors, small and medium-sized enterprises as well as job creation and protection initiatives, such as partial unemployment schemes, retraining and training, according to an official statement.
Member States can use the funding until 31 December 2023 to cover expenses incurred and paid since 1 January 2020.
The European Commission (EC) recently approved the payment of more than €2 billion under the Brexit Adjustment Reserve (BAR) to 12 Member States. This will make €819.2 million available by the end of March 2022 and the rest by April 2023. The funding will help these countries mitigate the negative impact of Brexit on their economies and regions.
The Commission stands ready to quickly process decisions on the Brexit adjustment reserve for the remaining Member States, to ensure that they can receive support from the reserve.
Ireland and Italy were the first Member States for which Brexit Adjustment Reserve funding was disbursed in December 2021. By the end of March 2022, 14 countries will have received their first installments of their pre-funding.
Fibre2Fashion (KD) News Desk