Leaders also commit to €5bn extra funding for construction of energy and broadband infrastructure

European leaders have wrapped up their two-day summit with an agreement to raise more aid for ailing Eastern European economies.

The EU's crisis fund is to be doubled to €50bn to help Central and Eastern European member states cope with the financial downturn.

The summit evaluated the EU's economic stimulus plan, with leaders also agreeing to provide €75bn more for the International Monetary Fund (IMF) to boost its lending to poor countries.

It was also agreed that EU members would invest €5bn of unused budget funds into energy and broadband infrastructure construction.


Hungary
Other nations in the region are expected to follow Hungary in seeking assistance

A conclusion document said good progress had been made in implementing the European Economic Recovery Plan adopted last December.

The crisis fund was increased in size by the European Commission in December from €12bn to €25bn, when Hungary and Latvia received total assistance of €9.6bn.

More countries are expected to demand such assistance, as Central and Eastern European countries continue to suffer more severe losses than their Western neighbours.

EU member states said they had confidence in the medium- and long-term outlook of the EU economy, and were determined to do “what is necessary to restore jobs and growth”.

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