OREANDA-NEWS. The European Commission may start raising joint loans to finance the aid fund to overcome the consequences of the pandemic, totaling 750 billion euros. As reported on Monday, May 31, in the European Council, the decision was approved by all 27 member states of the community, which means that Brussels can now raise money in the capital markets on behalf of the EU. Poland and Austria were the last to approve the borrowing plan.

The implementation of the reconstruction plan begins on Tuesday, June 1. This was stated by the Prime Minister of Portugal and the President of the EU Council, Antonio Costa. Portugal replaced Germany at the beginning of the year as the rotating head of the body.

«The European Union is now able to get the money needed for social and economic recovery», Costa was quoted as saying by AFP. The politician said that the governments and national parliaments of the 27 EU countries «have demonstrated a high degree of solidarity and responsibility». Brussels «can no longer afford to waste time», he added.

The countries that will benefit most from the fund are Italy and Spain, which have been particularly hard hit by the pandemic. The allocation of EU funds, however, has strict criteria. At least 37% of the funding should go to climate protection measures, 20% — to digitalization.