Press Release: Commission sets harder targets for faster payments of EU grants and contracts

An initiative introducing new and tougher targets for the payment of EU funds managed directly by the European Commission was adopted on 8 April. The proposals aimed to step up ongoing efforts and speed up cash flow to beneficiaries – often small businesses and local managing authorities. They will apply to €15 billion of funds that have specific payment times covering areas like research, education and youth, energy and transport. One of the key targets is to cut the times for initial pre-financing of EU grants and contracts from 30 to 20 days. The proposals complement recent decisions to speed up payments for Structural Funds projects as announced in the European Economic Recovery Plan, as well as proposals to combat late payments in commercial transactions.