EU leaders have created a deal on a post-coronavirus recovery package after the fourth night of negotiations. 

The recovery package will comprise of27-nation bloc offering €750bn (£677bn; $859bn) in grants and loans to counter the economic impact of the pandemic.

Charles Michel, summit chairman, said that it was a “pivotal moment” for Europe.

According to the document, the deal has been made on a €390bn programme of grants to member states worst affected by the pandemic. It has come alongside agreement on the bloc’s next seven-year budget, worth about €1.1tn.

The summit began in Brussels on Friday. The summit consisted of more than 90 hours of negotiations, the longest summit so far.

President of the European Council Mr. Michel tweeted “Deal” shortly after the 27 leaders made an agreement on Tuesday.

Member states are largely divided between those worst affected by the pandemic and willing to revive their economies, and those worried about the cost of recovery plan. 

Sweden, Denmark, Austria, and the Netherlands – along with Finland had opposed permitting €500bn to be offered in the form of grants to countries to countries worst hit by the pandemic. The group, led by Dutch Prime Minister Mark Rutte, originally set €375bn as of the limit. The group also wanted conditions such as the right to block requests.

Other EU member states such as Spain and Italy were not willing to below €400bn.

French President Emmanuel Macron said it was a “historic day for Europe”.

“Never before did the EU invest in the future like this,” Belgian Prime Minister Sophie Wilmès tweeted.

Mr. Michel said the bloc had “showed collective responsibility…and our belief in a common future”.