BRUSSELS, Nov. 8 (Xinhua) -- The European Union (EU) member states agreed to extend the bloc's flagship massive investment plan on Wednesday, aiming to further inject impetus into its economy which only recently started to see momentum in the aftermath of the debt crisis.
EU ambassadors endorsed an agreement with the European Parliament on an extension to the European fund for strategic investments (EFSI), core of the EU's flagship program " European investment plan," in both duration and financial capacity, said a statement issued by the Council of the EU.
The aim was to mobilize at least half a trillion euros of additional investments by 2020, said the statement.
"Investment conditions have improved in Europe but investment rates are still below pre-crisis levels," said Toomas Toniste, minister for finance of Estonia, which currently holds the Council presidency.
"With a bigger and more effective fund, we will be able to boost investment and strengthen the prospects for growth in the longer term," Toniste was quoted as saying.
Brussels' move came as Europe recently witnessed unprecedented welcoming momentum in its recovery following the debt crisis in 2009 as growth accelerated, inflation improved and jobless rate dropped.
Investment was attached great importance by EU policy makers to promote the economy. In mid-2015, EFSI was established to attain initial 315 billion euros target in additional investments by mid-2018.
