EU leaders approve historic €750B recovery package
Agreement to provide €390B in grants and €360B in low-interest loans
Following a marathon debate of European Union (EU) leaders, negotiations concluded with an agreement to deliver a €750B recovery package.
After tense discussions among bloc leaders, which lasted more than 90 hours, bloc officials agreed on €390B in grants and €360B in low-interest loans. Funding for the plan will be borrowed on international capital markets.
The support package is geared to deliver a maximum economic stimulus impact. Approximately 70% of grant funding will be targeted for expenditure in 2021 and 2022. The remaining 30% to then be spent by 2023.
Below is a snapshot of the €750B funding allocation:
The historic recovery agreement will move next to the European Parliament to hammer our the details. In addition to the recovery package, leaders also approved a €1.07T EU budget for programmatic funding over the next 7 years. Additional information on the funding package and budget agreement can be found on the European Council website.
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