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EU adopts €750 billion recovery plan

by ChemOrbis Editorial Team - content@chemorbis.com
  • 21/07/2020 (09:42)
European Union leaders have finally agreed on a €750 billion ($858 billion) historic plan after nearly five days of intense discussion, the European Commission announced in a statement.

The deal, which was seen as a recovery plan, will help fund Europe’s recovery from the coronavirus pandemic. Member states are expected to receive billions of dollars of funding in grants and loans over the course of 2021-2024.

The new strategy will provide funding to mainly three important areas. The deal will focus on creating funding and reforms for virus-hit businesses, finding new measures and solutions for European economies in the longer run and investing to the economy to prevent it from possible future crisis.

European Commission also set its core budget at €1.85 trillion (nearly $2.1 trillion) for the period of 2021-2027.
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