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EU urges quick agreement on major investment plan to help kick-start economies

  • Greek Finance Minister Yanis Varoufakis, right, speaks with European Commissioner for the Economy Pierre Moscovici, center, and Italian Finance Minister Pier Carlo Padoan, left, during a meeting of EU finance ministers at the EU Council building in Brussels on Tuesday, March 10, 2015. Ministers on Tuesday will discuss the EU's banking union, the European semester and strategic investment. (AP Photo/Virginia Mayo)

    Greek Finance Minister Yanis Varoufakis, right, speaks with European Commissioner for the Economy Pierre Moscovici, center, and Italian Finance Minister Pier Carlo Padoan, left, during a meeting of EU finance ministers at the EU Council building in Brussels on Tuesday, March 10, 2015. Ministers on Tuesday will discuss the EU's banking union, the European semester and strategic investment. (AP Photo/Virginia Mayo)  (The Associated Press)

  • Greek Finance Minister Yanis Varoufakis, right, speaks with French Finance Minister Michel Sapin, left, during a meeting of EU finance ministers at the EU Council building in Brussels on Tuesday, March 10, 2015. Ministers on Tuesday will discuss the EU's banking union, the European semester and strategic investment. (AP Photo/Virginia Mayo)

    Greek Finance Minister Yanis Varoufakis, right, speaks with French Finance Minister Michel Sapin, left, during a meeting of EU finance ministers at the EU Council building in Brussels on Tuesday, March 10, 2015. Ministers on Tuesday will discuss the EU's banking union, the European semester and strategic investment. (AP Photo/Virginia Mayo)  (The Associated Press)

  • German Finance Minister Wolfgang Schaeuble waits for the start of a meeting of EU finance ministers at the EU Council building in Brussels on Tuesday, March 10, 2015. Ministers on Tuesday will discuss the EU's banking union, the European semester and strategic investment. (AP Photo/Virginia Mayo)

    German Finance Minister Wolfgang Schaeuble waits for the start of a meeting of EU finance ministers at the EU Council building in Brussels on Tuesday, March 10, 2015. Ministers on Tuesday will discuss the EU's banking union, the European semester and strategic investment. (AP Photo/Virginia Mayo)  (The Associated Press)

The European Union is urging member countries to move quickly on a new investment plan so that major infrastructure projects like broadband and energy networks can be launched this year.

EU economy and finance chief Pierre Moscovici said Tuesday that the 315 billion euro ($356 billion) plan "is built on sound foundations and what is important now is to move quickly."

Economics and finance ministers want to agree on the way ahead so that negotiations with the European Parliament can begin, with the aim of concluding the package by July.

The fund is aimed at reviving moribund EU economies by sparking growth and employment.

The European Investment Bank is vetting some 2,000 potential projects which could be developed over the next three years.