EU Commission President Jean-Claude Junker has unveiled a $390 billion (€315 billion) investment plan to stave off recession and jumpstart the sluggish European economy.
The European Commission plan will make billions of euros available for investment projects throughout the 28-nation bloc, with a heavy emphasis on financing for infrastructure, small businesses, education, youth employment, and telecoms.
Investment will for the most part be private; Juncker foresees €252 billion in new private money. The EU will provide €21 billion for a special fund to be managed by the European Investment Bank (EIB) which it will allow it to give out €63 billion in loans. Of the €21 billion, the Commission is putting up €8 billion from the EU budget and the EIB €5 billion.