The European Commission has raised 20 billion Euro ($24.2 billion) through a 10-year bond as part of its plans to finance the 27-nation bloc’s recovery from the coronavirus crisis.

EU Commission President Ursula von der Leyen said the inaugural transaction of the NextGeneration EU program is the largest ever institutional bond issuance in Europe. The money will help finance the national recovery plans devised by member states to get their economies back on track.