EU lawmakers have approved a EUR 672.5 billion fund to help member states counter the impact of the coronavirus pandemic.
The Regulation on Facilitation of Recovery and Sustainability (RRF) was adopted by the European Parliament with 582 votes in favor, 40 against, and 69 abstentions.
Comprised of loans and grants, the RRF is the backbone of the stimulus fund that lawmakers approved in 2020.
The funds “will be available to alleviate the economic and social consequences of the pandemic,” according to a statement.
Funding will be available for three years and EU governments may require up to 13% pre-financing for their recovery plans.
Eighteen EU countries have already presented recovery and sustainability plans. The EU Executive Branch is currently in the process of evaluating these proposals.
