The European Commission is proposing to create a new European Union recovery instrument, dubbed as Next Generation EU, worth 750 billion euros ($826 billion) to support the bloc's economy amid the COVID-19 pandemic, European Commission President Ursula von der Leyen said on Wednesday
BRUSSELS (Pakistan Point News / Sputnik - 27th May, 2020) The European Commission is proposing to create a new European Union recovery instrument, dubbed as Next Generation EU, worth 750 billion Euros ($826 billion) to support the bloc's economy amid the COVID-19 pandemic, European Commission President Ursula von der Leyen said on Wednesday.
"This is why the Commission is today proposing a new recovery instrument, called Next Generation EU - worth EUR 750 billion," von der Leyen said, as quoted by a commission's press release.
The Next Generation EU fund envisions 500 billion euros in grants and 250 billion euros in loans to the EU member states.
The recovery fund is proposed in addition to the EU budget (1.1 trillion euros proposal for 2021-2027 budget) and not as part of it, the commission specified.
The Spanish government announced Madrid's support to the commission's plan to create the recovery fund and called for a timely meeting of the European Council to reach a consensus on the issue.
