During his State of the European Union speech given this morning in Strasbourg,  the European Commission President Jean-Claude Juncker announced his proposal to double the European Investment Plan to 630 billion euros by 2022, in an attempt to boost European economy.

“Investment means jobs. Today I am proposing to double the duration and firepower of our investment fund,” said Juncker to the European Parliament in Strasbourg.

Juncker’s original Investment Plan, launched in 2015, aimed to boost European economy by 315 billion euros over three years.

Today, Juncker proposed to double both the duration of the Fund and its financial capacity.

“With your support, we will make sure that our European Investment Fund will provide a total of at least €500 billion – half a trillion – of investments by 2020” he said, adding that the final target is to reach €630 billion by 2022.

“Of course, with member states contributing, we can get there even faster” concluded Juncker.