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

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.