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Commission disburses €17 billion under SURE to Italy, Spain and Poland

The European Commission has disbursed a total of €17 billion to Italy, Spain and Poland in the first instalment of financial support to Member States under the SURE instrument.

date:  05/11/2020

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As part of the operations on 27 October, Italy received €10 billion, Spain €6 billion, and Poland €1 billion. Once all SURE disbursements have been completed, Italy will have received a total of €27.4 billion, Spain €21.3 billion and Poland €11.2 billion. This support, in the form of loans granted on favourable terms, will help these Member States to cover costs directly related to the financing of national short-time work schemes, and other similar measures that they have put in place in response to the coronavirus pandemic, particularly for the self-employed. The SURE instrument can provide up to €100 billion in financial support to all Member States. The Council has so far approved €87.9 billion in financial support under SURE to 17 Member States, based on the Commission's proposals. The next disbursements will take place over the coming months, following the respective bond issuances. The disbursements follow last week's successful inaugural social bond issuance by the Commission to finance the instrument.