EC offers EUR 11.2 bn to protect Polish jobs

On Monday, the European Commission proposed EUR 11.2 bn in low-interest loans for Poland to help the country protect jobs endangered by the coronavirus crisis.

In total, 15 EU members are to receive EUR 81.4 bn under the initiative that was presented to the EU Council on Monday.

EC President Ursula von der Leyen said the EU “must do everything in its power to protect jobs and livelihoods. Today we made an important step in this direction.”

The loans are aimed to help EU member states cope with the sharp increase in public spending that they have had to make in order to protect jobs against the fallout of the crisis caused by the global coronavirus pandemic.

The funds will come from the SURE initiative, one of the EU’s mechanisms aimed at shielding member states’ economies from the consequences of the COVID-19 pandemic.

Poland will receive the third largest share of the loans, after Italy which will receive EUR 27.4 bn, and Spain - EUR 21.3 bn.

They will be paid out in instalments, and the loans’ repayment will be extended to 15 years.