As a result of the crisis arising from the COVID-19 pandemic, the EU has launched Next Generation EU funds as an exceptional mechanism for financing the EU's recovery and for relaunching the economy by focusing on green transition and digitization, supporting private investment, and improving the EU's resilience to future recessions.
European Recovery Plan: NextGen EU
With the aim of rapidly targeting the countries and sectors most affected by the crisis, 70% of the aid will be granted by December 2022. In this regard, the NextGen program will provide over 70% more extraordinary funding compared to the EU's usual programs, reaching seven-fifty billion euros.
This extraordinary funds grant is intended to contribute in a structural and lasting way to a changing model and to economic growth, by boosting projects with an impact on four fundamental axes: Energy Transition, Digital Transformation, Territorial Cohesion and Gender Equality.
The value proposition developed jointly with a leading law firm, a regular partner in projects with a legal content, is applicable to all industries across Europe and is structured into six types of actions covering the entire life cycle of the NextGen program:
- The project portfolio and strategy definition stage encompasses setting up the program’s monitoring function and internal follow-up structure, along with the identification of project eligibility criteria, and support in the identification, definition and pre-evaluation of eligible projects to assess their technical feasibility and the definition of the NextGen aid application strategy.
- The economic impact of outstanding projects, as well as their social impact and Environmental, Social and Governance variables (ESG), is carried out during the economic and social impact assessment stage. Assessment is based on commonly accepted methodologies.
- Assistance for application management covers the development of a comprehensive project report, the preparation and management of the process during which the client submits the applications to the different channeling agencies, and monitoring and assistance during the process until the aid is granted.
- In the implementation accompanying phase, assistance is provided to justify that the requirements for receiving the aid are met as the different grant application milestones are achieved.
- Comprehensive program monitoring is also provided, as is advice on legislative developments, specific application processes or other technical-legal needs arising from the NextGen program.
This value proposition is intended for companies within the European Union in any economic sector. Depending on the circumstances of each company, access to the program can be addressed directly (direct aid to the company presenting the project on its own behalf, representing an accelerator of its investment potential and its ability to grow and/or change), or indirectly (where the company does not request the aid but develops products and services so that their clients can access or benefit from them), or even combining both.