Regional News • Europe • European Union
2020-05-20T17:27:22+00:00

Germany backs France in new EU recovery fund proposal

The Franco-German agreement supports a €500 billion recovery fund to be distributed as grants, not requiring direct repayment from the countries receiving the funds. Recognizing the exceptional nature of the challenges posed by the pandemic, this is the first time Berlin has agreed to a plan based on grants instead of loans. The proposal is now in the hands of the European Commission and would require approval from all EU member states.

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