(Brussels) The European Commission “welcomes the adoption of important updates to Cohesion Policy 2021-2027 by the European Parliament and the Council. These changes will enable EU Member States and regions to reallocate funds towards new strategic priorities, thereby enhancing investments in competitiveness, defence, affordable and sustainable housing, water resilience, and energy transition”. This is stated in a release from Brussels. “Member States and regions wishing to invest in these new priorities will benefit from higher pre-financing rates – up to 20% – to help accelerate the launch and implementation of projects”, it explains. In addition, such pre-financing rates “will further increase for the programmes which will reallocate at least 10% of their total value to the new priorities”. Reprogrammed funds will also benefit from higher EU co-financing rates. Finally, even more favourable conditions are foreseen for EU regions bordering Russia and Belarus, “adversely impacted by Russia’s war of aggression against Ukraine”. Raffaele Fitto, Executive Vice-President for Cohesion and Reforms, commented: “The adoption of the mid-term review proposal is an important step in modernising Cohesion Policy to continuously respond to today’s challenges. It enables investments in our common European priorities: competitiveness, defence, affordable and sustainable housing, water resilience and the energy transition”.