EU agrees to €750bn Post COVID-19 recovery fund

EU agrees to €750bn Post COVID-19 recovery fund

By Charles Joseph

Abuja, July 21, 2020 (NAN) After a 90-hour long marathon meeting which commenced on Friday in Brussels, EU Leaders have finally reached a €750 billion post-COVID-19 recovery fund.

The fund which is to be giving as grants to EU nations hardest hit by the pandemic is aimed at countering the economic effect of the pandemic.

The talks had the 27 EU nations split, with EU nations least affected by the Pandemic concerned about the cost and arguing for less funds while other that were hit hard insisted on having adequate funds.

While the ‘Frugal States’- Sweden, Denmark, Austria, the Netherlands and Finland countered a €500 billion grant to hardest hit countries, other members such as Italy, Spain and France wanted nothing less than €400 billion.

However, with the promise of budget rebates, the frugal nations succumbed and an agreement was finally reached after four nights of talks.

The deal was reached alongside agreement on the bloc's next seven-year budget, worth about €1.1tn.

Summit chairman Charles Michel said it was a "pivotal moment" for Europe.

Culled