KATHMANDU: EU leaders have struck a deal on a huge post-coronavirus recovery package following after several days of negotiations.

It will see the 27-nation bloc offering €750bn (£677bn; $859bn) in grants and loans to counter the economic impact of the pandemic.

Summit chairman Charles Michel said it was a “pivotal moment” for Europe.

Talks which began on Friday saw a split between nations hardest hit by the outbreak and “frugal” members who were concerned about costs.

The deal centres on a €390bn programme of grants to member states hardest hit by the pandemic, according to a document seen by AFP news agency.

It was reached alongside agreement on the bloc’s next seven-year budget, worth about €1.1tn.

The summit, which began in Brussels on Friday morning, saw more than 90 hours of talks and became the EU’s longest since a 2000 meeting in the French city of Nice, which lasted for five days.

(With inputs from Agencies)