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6/28, 6:24 PM (Source: TeleTrader)
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EU distributes €800M in grants from recovery fund

The European Commission announced on Monday it has distributed €800 million in grants to the European Union's members in the first payment made through the Next Generation EU, the bloc's fund aimed at mitigating the crisis the COVID-19 pandemic caused.

European Cohesion and Reforms Commissioner Elisa Ferreira stated the package is "channeling support to our economy, businesses and workers," while her Budget and Administration counterpart Johannes Hahn noted it will "help our regions and cities recover from the pandemic and build a greener, more digital and more resilient Europe."

Earlier this month, the commission approved France and Italy's rescue plans worth €39.4 billion and €191.5 billion, respectively.

Breaking the News / JR