Mubasher: The European Union’s (EU) leaders have reached a historic deal over huge post-coronavirus recovery package, following four days of negotiations in Brussels, CNBC reported on Tuesday.

The 27-member bloc agreed on providing EUR 750 billion ($859 billion) in the form of grants and loans to countries hardly hit by the coronavirus (COVID-19) pandemic.

The deal includes distributing EUR 390 billion worth of grants and EUR 360 billion in low-interest loans.

The president of the European Council, Charles Michel, said that this agreement is considered a “pivotal moment” for Europe.

New debt from the recovery package is expected to be repaid by 2058.

Moreover, the EU’s next seven-year budget, between 2021 and 2027, will stand at EUR 1.074 trillion.

“This recovery fund will help us to almost double the European budget for the years to come,” said French President Emmanuel Macron.