Commission approves Cohesion Policy funds redirection to mitigate the impact of the pandemic in Denmark and near the Hungarian-Slovakian border
The European Commission has approved the modifications of the ‘Innovation and Sustainable Growth in Businesses’ programme in Denmark and of the Interreg Hungary-Slovakia programme. Thanks to the modifications, the two programmes will allocate additional resources to address the effects of the coronavirus crisis. Commissioner for Cohesion and Reforms, Elisa Ferreira,said: “From the Danube river to the North Sea swift action under Cohesion policy is mobilising resources and people to fight the pandemic. There is no time to waste and I look forward to seeing more programmes modified according to current needs in the following weeks.” The modification of the Interreg Slovakia-Hungary programme will increase temporarily the EU co-financing rate to 100% of eligible expenditure, thus helping beneficiaries overcome liquidity scarcity in the implementation of their projects. In Denmark, the modification of the “Innovation and Sustainable Growth in Businesses” programme will extend financing to companies affected by the coronavirus pandemic to restructure and consolidate themselves. The modification will also improve cooperation between large companies and SMEs in green transition, thus helping the later overcome difficulties caused by the pandemic in maintaining the green transition and implementing green business models. The Coronavirus Response Investment Initiative packages, proposed by the Commission in March and April this year, made the modification of the two programmes possible. So far, 18 Member States have adjusted their Cohesion policy programmes to redirect funding towards fighting the consequences of the coronavirus pandemic.