The European Commission (EC) recently approved the disbursement of more than €2 billion under the Brexit Adjustment Reserve (BAR) to 12 member states. This will make available €819.2 million by the end of March 2022 and the rest by April 2023. The funding will help these nations in mitigating the adverse impact of Brexit on their economies and regions.

Support will be provided to regions and economic sectors, small and medium enterprises as well as to job creation and protection initiatives, such as short-time work schemes, re-skilling and training, according to an official release.

The member states may use the funding until December 31, 2023, to cover expenses incurred and paid since January 1, 2020.

The European Commission (EC) recently approved the disbursement of more than €2 billion under the Brexit Adjustment Reserve (BAR) to 12 member states. This will make available €819.2 million by the end of March 2022 and the rest by April 2023. The funding will help these nations in mitigating the adverse impact of Brexit on their economies and regions.

The Commission stands ready to quickly process the Brexit Adjustment Reserve decisions for the remaining member states, to ensure they can receive support from the reserve.

Ireland and Italy were the first member states for which funding from the Brexit Adjustment Reserve was disbursed in December 2021. By the end of March 2022, 14 countries will have received their first instalments of their pre-financing.

Fibre2Fashion News Desk (KD)