The Recovery Fund is officially in the world, signed by the Union's leaders

The European Union's (EU) post-corona recovery program is officially in the world. As part of a formal act, it was signed in Brussels on Friday by David Sassoli, President of the European Parliament, and Antonio Costa, Prime Minister of Portugal, as the EU Presidency. Previously, the € 672.5 billion Recovery and Resilience Facility (RRF) was approved by the EU Council and finally approved by the European Parliament on Wednesday. The Recovery and Resilience Facility, which will fund programs to combat the economic consequences of the new coronavirus pandemic and development investment, is at the heart of the EU's recovery plan. The money should go mainly to the regions most affected by the corona crisis. The fund will distribute € 312.5 billion in grants and up to € 360 billion in loans. It will take a while for the withdrawal to start. EU Member States must first submit detailed plans to the European Commission on how they intend to use them, with funding going primarily to green and innovative projects. The money should also support economic policy recommendations for closer EU integration. States have until April 30 to submit projects.