If the €750 billion recovery fund agreed by the European Commission receives the green light from all 27 EU member states, Italy will get €172.7 billion in funds, of which around €81 billion will be granted as aid and €91 billion as loans, according to Italian news agency ANSA.
Conte on Tuesday said Italy’s share of the recovery package would enable the country to fix its longstanding economic problems.
“It’s an opportunity for us to design a better Italy, to work on a serious, comprehensive investment plan that will make the country more modern, greener, and more socially inclusive,” Conte said.
The first European country to be hit by the coronavirus pandemic, Italy is reeling from the economic effects of a lockdown imposed in March to stem the spread of the virus that has killed nearly 34,500 people.
Conte will head to Brussels in September, where he will present a detailed plan for how the EU funds would be spent.
Broad outlines of that plan are being discussed at a general assembly organised by Conte that began in Rome on Saturday and is due to continue until June 21.
With Italy’s economy expected to shrink at least by 8.3 per cent this year, the country’s main employers’ organisation has called for serious reforms and a plan to help businesses facing potential bankruptcy.
Conte admitted that there had been delays in providing support for struggling businesses but stressed that his administration was not to blame for structural shortcomings dating back decades.
“Business is one of the cornerstones of our society,” he added.
Conte has invited economists, academics, unions and business associations, as well as EU leaders, saying he wanted to unite “the country’s strongest forces” to come up with ideas for Italy’s economic recovery while removing structural and bureaucratic barriers.
Key areas include the green economy, investment in research and training, the modernisation of Italy’s sluggish judicial processes, and more support for the key tourism, automobile and food industries.
