European Parliament approves special fund to mitigate the impact of Brexit
(MENAFN- Kuwait News Agency (KUNA))
BRUSSELS, Sept 15 (KUNA) -- The European Parliament Wednesday approved the 5 billion euro (USD 5.9 billion) Brexit Adjustment Reserve to help EU member states deal with the economic, social and territorial impact of the UK's departure from the EU in January 2020.
The agreement to set up the special fund was adopted with 652 in favour, 32 against and 11 abstentions.
1.6 billion euro (USD 1.8 billion) will be distributed in 2021, 1.2 billion euro each (USD 1.4 billion) in 2022 and 2023, followed by 1 billion euro (USD 1.1 billion) in 2025.
Measures that qualify for funding includes, among others, support to businesses, local communities, creating jobs or supporting EU citizens to re-integrate. (end)
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