European Union leaders reached a deal on a $2.1 trillion budget and coronavirus recovery package Tuesday following a four-day summit.
The financial package comes as countries in the bloc that were hit hard by the coronavirus pandemic. including Italy and Spain, struggle to rebuild their economies.
The Associated Press reports that the EU will establish an $850 billion coronavirus fund partly based on common borrowing, to be sent as loans and grants to countries in need. It also set a $1 trillion budget for the bloc for the next seven years.
Despite some initial pushback from some countries concerned about costs, EU leaders say this financial plan is for the best.
On Twitter, President of the European Council, Charles Michel wrote, "We did it! We have reached a deal on the recovery package and the European budget for 2021-2027. This is a strong deal. And most importantly, the right deal for Europe right now."
The financial package now heads to the European Parliament for approval.
Contains footage from CNN.