Germany Expects Around 28 Billion Euro From EU COVID-19 Recovery Fund

BERLIN (Reuters) -
Lights burn in some offices of the buildings in the  banking district of Frankfurt, Germany, March 29. (AP Photo/Michael Probst)

Germany expects to receive around 28 billion euros from the European Union’s 750 billion euro recovery fund, designed to kick-start the bloc’s economy after it was hit hard by the COVID-19 pandemic, a government source told Reuters.

The German Cabinet on Tuesday agreed to a plan presented by Finance Minister Olaf Scholz on how to spend the money, the source said.

According to Scholz’s plan, 90% of the money is to go toward climate protection and digitalization, surpassing the EU’s respective targets by far.