EU Pledges $28bn to Tackle Coronavirus

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The European Commission has set up a European Union fund worth 25 billion euros ($28bn) to tackle the economic crisis caused by the Coronavirus outbreak, the Head, Executive Branch, EU, Ursula Von Der Leyen, has said.

Speaking after an emergency video conference of EU leaders, he said the investment fund should be financed with 7.5 billion euros of EU money and help vulnerable sectors of the economy.

“This instrument will reach 25 billion euros quickly. To realise this I will propose to council and parliament this week to release 7.5 billion euros of investment liquidity,” Von Der Leyen told a news conference in Brussels.