MEPs voted in favour to pay up to 95% of regional development project costs in in Greece, Ireland, Portugal, Romania, Latvia and Hungary so as to permit and accelerate investment in growth and jobs. In addition, the Regional Development Committee agreed that the Member States concerned need to prioritise projects and show that under the current maximum co-financing rates, they could not have afforded to pay their share of the projects.

Regional Development Committee at the European Parliament agreed that the EU should pay up to 95% of regional development project costs in Greece, Ireland, Portugal, Romania, Latvia and Hungary so as to permit and accelerate investment in growth and jobs. Therefore, MEPs back faster EU regional funding for crisis-stricken regions.

According to the MEPs, this measure will allow funds to be concentrated on completing some projects and thus reduce the pressure on national budgets. In addition, the Parliament wants this derogation to apply as soon as possible but under clear and transparent conditions. However, MEPs insist that the temporary rise in the EU's share of investment costs (Member States pay the rest) should be duly justified, limited until the end of 2013, and apply without prejudice to the 2014-2020 programming period. For instance, it will no affect the Commission's Cohesion policy plans adopted in October.

MEPs also insisted that to obtain the higher EU co-financing rates, the Member States concerned need to prioritise projects and show that under the current maximum co-financing rates, they could not have afforded to pay their share of the projects. The text has been already agreed with the Council and the Commission, so it will be put to the vote at the next European Parliament plenary session.