Italy is top beneficiary of EU recovery fund

After lengthy debate and bickering, European Union leaders have come to an agreement over a landmark stimulus plan totalling 750 billion euros.

The EU recovery fund will be used by EU member states to face the economic crisis generated by the coronavirus emergency.

Italy, which became the global centre of the pandemic in March and April, will receive the largest portion of funds, amounting to 209 billion euros. This is estimated to be divided into 82 billion euros in grants, and 127 billion euros in loans.

Italian Prime Minister Giuseppe Conte has said the stimulus package signals a responsibility for his government to “change the face” of the country.