EU to release virus recovery billions by summer

Top European Union officials on Friday urged the bloc's 27 member states to swiftly submit reform plans aimed at providing them access to a massive coronavirus recovery fund so that Brussels can begin releasing the money over 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 member states breathe new life into their virus-ravaged economies.

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

"The moment the own resources decision is ratified, the (European) Commission will go to the market, raise money, and disburse. We are able to disburse 13% in front loading immediately," Commission President Ursula von der Leyen said.

So by mid-year we should be able to disburse the first funds.

Von der Leyen also said that the EU aims to have 70% of adults across the 27-nation bloc, which has a population of around 450 million people, vaccinated by the end of the summer.

To receive their share, which is linked to a series of undertakings and respect of the rule of law, EU countries have been requested to submit reform plans by the end of April.

The plans must dedicate at least 37% of budgets to climate and at least 20% to digital transformation. The funding will be available for three years.

So far, 19 member states have submitted their draft plans to the Commission, which is in charge of their assessment.