BRUSSELS, March 30 (KUNA) -- The European Union Council of Ministers Monday adopted a legislative act to give the green light to the Coronavirus Response Investment Initiative.
The act would give EU member states access to EUR 37 billion (USD 40 billion) to help tackle the effects of the pandemic.
Expenditure will be made available as of February 1, 2020 to cover costs already incurred in efforts to save lives and protect citizens. The legislative act will enter into force on April 1, noted a EU statement today.
Last week, President of the European Commission Ursula von der Leyen proposed the investment initiative to fight the spread of the coronavirus in Europe. (end) nk.hb