The European Union wants to lift the GDP of the eurozone economy by 3% by 2027 through borrowing under a new green and social bond program agreed to in September, attendees heard Tuesday during a webinar.

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The recovery program, which will launch with a €100 billion ($117.2 billion) SURE bond program, is a “game changer” for investors from United States and Asia because it will help to establish a euro-denominated green and social bond yield curve, Gert Jan Koopman, director-general at the European Commission’s directorate general for budget said in a presentation during the webinar, hosted by APG Asset Management, the in-house manager of the €462 billion Stichting Pensioenfonds ABP, Heerlen, Netherlands.

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SURE is aimed at mitigating the economic impact of the coronavirus outbreak through financing of businesses in the EU and helping workers who have lost their jobs.

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The EU bond issuance, which is expected to amount to a third of the €750 stimulus package unveiled by the EU in response to the pandemic, will include bonds with both short-term maturities and 30-year bonds. Average bonds would have 15-year long maturities, Mr. Koopman said.

Italian and Spanish bonds, are expected to each make up about €21 billion of the program, he said.

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