Germany expects around 28 bln euro from EU COVID-19 recovery fund, source says

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 on 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 towards climate protection and digitalization, surpassing the EU's respective targets by far.