BRUSSELS — The European Commission Tuesday announced that it has Tuesday raised a further 9 billion euro ($10 billion) to support Europe's recovery from the coronavirus crisis and its consequences.

The money was raised through the fourth NextGenerationEU bond issuance since the start of the program in mid-June, the EU’s executive body said in a press release.

Following Tueday's transaction, the Commission has so far raised 54 billion euro ($63 billion).

NextGenerationEU is a temporary recovery instrument of more than 800 billion euro ($945 billion) in current prices to support Europe's recovery from the coronavirus pandemic.

To finance NextGenerationEU, the European Commission "on behalf of the EU" will raise from the capital markets around 800 billion euro between now and end-2026.

EU Commissioner in charge of Budget and Administration, Johannes Hahn, said: "With the fourth transaction under NextGenerationEU, we have built on the success of the initial deals.

“This transaction allows the Commission to maintain a steady flow of funding to our member states, to support the recovery and help rebuild a greener, more digital and more resilient Europe." — KUNA