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The European governments will have to draw up reform plans to access these funds.
European Council (EC) President Charles Michel Tuesday announced that European leaders reached an agreement to finance a 750 billion euros economic stimulus to deal with the pandemic's impact in the region.
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"Deal!," Michel tweeted as he released the news of the agreement, which was approved unanimously after 96 hours of negotiation.
The 27 European leaders also approved a European Union (EU) budget of 1.074 billion euros for the next seven years.
The anticrisis package includes 390 billion euros in direct transfers and 360 billion euros in loans.
"This agreement has been written on one of the most brilliant pages in European history. It is a true Marshall Plan," Spain's Prime Minister Pedro Sanchez said.
We did it! We have reached a deal on the recovery package and the European budget for 2021-2027.
— Charles Michel (@eucopresident) July 21, 2020
This is a strong deal. And most importantly, the right deal for Europe right now. #EUCO pic.twitter.com/c6fQ5ppwpf
His nation expects to get 140 billion euros from this Recovery Fund, an amount which is equivalent to 11 percent of the country's Gross Domestic Product (GDP) in 2019.
European governments will have to draw up reform plans in order to access the funds. The EC will have two months to evaluate them.
The EU summit began in Brussels on Friday and was supposed to end on Saturday. The deep differences between the 27 leaders forced the talks to be extended until Tuesday.
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