EU aims to release virus recovery fund billions by summer

BRUSSELS (AP) — Top European Union officials are urging member countries to swiftly submit plans for how they would use their share of the bloc’s massive coronavirus recovery fund so that the sorely-needed money can be released starting this summer. The call came as the officials signed Friday an agreement on a 672.5 billion-euro “Recovery and Resilience Facility” made up of loans and grants. It’s aimed at helping countries breathe new life into their virus-ravaged economies. It still has to be endorsed by national parliaments. European Commission President Ursula von der Leyen says that once it is, her services “will go to the market, raise money, and disburse.” Up to 13% could be handed over by mid-year.