European Union Proposes $825 Billion Coronavirus Recovery Plan

The video discusses the EU's Next Generation EU plan to aid member countries' economic recovery post-COVID-19. The plan involves $825 billion, with two-thirds as non-repayable grants and the rest as loans. Italy and Spain could receive up to $88 billion each, while France, Poland, and Germany have different allocations. The EU will borrow the funds and start repayment in 2028. The plan requires approval from all 27 EU members, emphasizing unity and collective recovery.

What are the two types of financial assistance mentioned in the plan?

What is the significance of cohesion and convergence in the context of the EU's recovery plan?