The European Economic Recovery Fund will start operating on June 1. The statement was published on the official website of the Council of Europe.
€ 672.5 billion will be spent on rebuilding and supporting the EU economy.
"From tomorrow, the EU will be able to receive the necessary funding to rebuild the European economy and social sphere," reads a statement issued by the Council of Europe.
The document clarifies that completing the ratification process will allow the EU to borrow from the capital markets from June 2021.