The European Commission has approved an Italian plan worth €910 million, partially funded through the Recovery and Resilience Facility, to support the development of agricultural industries.
This initiative aims to achieve the objectives of the Common Agricultural Policy and enhance the growth of agricultural sectors, as reported by the Italian newspaper “Al-Masajira.”
According to a press release from the European Commission, the plan will be funded partially until December 31, 2029, following a positive assessment by the Commission of the recovery plan’s viability and approval by the European Council.
The plan seeks to promote the development and resilience of Italy’s agricultural industrial system by facilitating the implementation of strategic and innovative investment projects.
Under this plan, assistance will take the form of direct grants and supported financing for companies operating in the agricultural sector proposing investment projects related to the manufacturing and marketing of agricultural products.
The projects benefiting from the program aim to improve market orientation, enhance competitiveness, boost research and technology, and digitize the agricultural industries sector, according to the statement.
Up to 500 companies are expected to benefit from the program, with the assistance amount not exceeding 60% of eligible costs. The actual aid will depend on the size and location of the beneficiaries, with higher assistance rates for small businesses and projects in economically disadvantaged areas.
Italy’s successful securing of this funding reflects the European Union’s commitment to supporting member states in their economic recovery and the growth of key sectors, such as agriculture, to promote sustainability and competitiveness on both national and international levels.
