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4 Mar 2015
Germany boosts its infrastructure investment package by a half
FXStreet (Mumbai) - The German government announced on Tuesday it would boost its recently unveiled infrastructure investment framework by an extra EUR5 billion over the next three years, bowing under increased pressure from the EU and US.
The finance ministry stated, “All in all, the federal government will be making available some EUR5 billion to towns and cities in the coming years, and thus underscoring its commitment to the municipalities."
That brings the total size of the package to EUR15 billion - the EUR10 billion announced in November and now the EUR3.5 billion in "special assets" in next three years along with the EUR1.5 billion promised for 2017.
The decision came as the world's number four economy last year recorded its first federal budget surplus (of EUR500 million) since 1969 - a full year ahead of plan.
The finance ministry stated, “All in all, the federal government will be making available some EUR5 billion to towns and cities in the coming years, and thus underscoring its commitment to the municipalities."
That brings the total size of the package to EUR15 billion - the EUR10 billion announced in November and now the EUR3.5 billion in "special assets" in next three years along with the EUR1.5 billion promised for 2017.
The decision came as the world's number four economy last year recorded its first federal budget surplus (of EUR500 million) since 1969 - a full year ahead of plan.