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EU aims to release virus recovery fund billions by summer

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BRUSSELS – Top European Union officials on Friday urged member countries to swiftly submit plans for how they would use their share of the bloc's massive coronavirus recovery fund so that the sorely-needed money can be released starting this summer.

The call came as the officials signed an agreement on a 672.5 billion-euro ($814 billion) “Recovery and Resilience Facility” made up of loans and grants devised to help the EU's 27 countries breathe new life into their virus-ravaged economies.

The facility is the central pillar of the 750 billion-euro ($908 billion) recovery plan adopted by EU leaders last year. It must still be endorsed by national parliaments, hopefully within weeks.

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