Deal reached on unspent economic recovery funds

MEP and member state negotiators have struck an agreement to move €146m of uncommitted funds from the €3.98bn European Energy Recovery Plan (EERP) to a special instrument for financing energy efficiency and renewable energy initiatives.

The new fund will be managed by the European Investment Bank and German development bank KFW. A call for proposals will be issued in the coming months, and funds will be available from March 2011, according to EU sources.

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