The European Union is going to set up a EUR 25 billion investment fund to combat economic problems caused by the corona virus, the EU announced on Tuesday.
The fund is part of the EU’s intention to “do everything it takes” to limit the economic impact of the corona virus outbreak.
President Charles Michel of the European Council said after a video conference with 27 EU leaders that the state aid rules will be relaxed to make it easier to combat the problems.
Immediately 7.5 billion euros of the total amount is made available, announces President Ursula von der Leyen of the European Commission. This amount is intended for investments.
The money from the fund must be used to support health care, small businesses and the labor market.
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