European Union unveils 800-billion-euro recovery funding plan

The European Union on Wednesday unveiled a funding strategy to raise up to 800 billion euros ($957 billion) for a coronavirus recovery funding plan.

The EU Commission will use a diversified funding strategy to raise up to around 800 billion euros in current prices until 2026. This approach, which will be in line with the best practices of sovereign issuers, will enable the Commission to raise the needed volumes in a smooth and efficient way, said JohannesHahn, Commissioner in charge of Budget and Administration.

This will translate into borrowing volumes of on average roughly 150 billion euros per year, which will make the EU one of the largest issuers in euro. All borrowing will be repaid by 2058, according to the EU Commission website.

Green energy and technology are highlighted in the plan. "We will have all necessary tools in place to kick-start the social and economic recovery and promote our green, digital and resilient growth," Hahn said.

(CGTN)