The European Commission proposed on Wednesday a draft EU budget for 2016, amounting to EUR 143.5 B.

The budget is aimed to support the recovering European economy and help improve lives in Europe and beyond, the Commission's press service reports.

The funds will be invested in stimulating innovation, creating jobs and achieving greater convergence between member states and regions.

The budget is also aimed at dealing more effectively with migration and further strengthening the EU's role as a global player.

The draft also includes contributions to the European Fund for Strategic Investment (EFSI), which is at the centre of the Investment Plan for Europe.

The proposal will be submitted to the European Parliament and the 28 EU member states, which are to jointly decide on the final budget.

Commission Vice-President Kristalina Georgieva, who is responsible for the budget and human resources, said that it was more important than ever to use the budget wisely.

Georgive stated the draft budget is aimed at supporting economic recovery through investment for growth and jobs, as well as dealing with external challenges, such as migration.

Nearly half of the budget, amounting to EUR 66.58 B is foreseen for stimulating growth, employment and competitiveness.

The priorities of the Commission, such as the Energy Union and the Digital Single Market will be supported through programmes, such as the Connecting Europe Facility.

The Commission foresees the allocation of EUR 1.8 B to Erasmus+ for supporting European programmes in education, training, youth and sport.

Another priority , which will be funded through the budget, is increasing competitiveness through research and innovation by programmes such as Horizon 2020.

The budget also provides funds for dealing with the migration challenges and developments in Europe's neighbourhood and beyond.

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