Austria rolls out €1bn investment package for city projects

by   CIJ News iDesk VII
2020-05-26   16:47
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Chancellor Sebastian Kurz has presented a €1bn investment package for municipalities and cities that will go towards the construction and upkeep of schools, kindergartens and retirement homes. The funds can also be used to expand broadband Internet services by towns or to carry out energy savings projects. Local officials have until the end of 2021 to submit their projects for approval, under the government's plan.

Kurz warned that the pandemic had resulted in a serious drop in tax revenues and a suspension of many ongoing investments. The federal government will pay 50 percent of the costs of the projects that are approved for funding through this new investment package. Projects that began a year ago, but lost funding as a result of the coronavirus crisis can qualify for these funds, as can new projects beginning after June 1, 2020.