"In response to the coronavirus pandemic, on 28 May 2020 the Commission adopted a proposal for a regulation of the European Parliament and of the Council establishing a Recovery and Resilience Facility (the Facility). The Facility will provide €672.5 billion in loans and grants over the coming years to help mitigate the consequences of the pandemic across the EU and to make EU economies more sustainable. The Facility will disburse funds based on the achievement of a set of milestones and targets. The Parliament's Committees on Budgets and on Economic and Monetary Affairs have been working jointly on the file, and adopted their report in November 2020. In December 2020, the Parliament and the Council reached an agreement on the Facility in trilogue. The Parliament approved the agreed text at first reading on 9 February 2021. The act was then formally adopted by the Council, and published in Official Journal on 18 February 2021, entering into force the following day."

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