How much money did the Marshall Plan set aside?

In March 1948, the United States Congress passed the Economic Cooperation Act (more popularly known as the Marshall Plan), which set aside $4 billion in aid for Western Europe. By the time the program ended nearly four years later, the United States had provided over $12 billion for European economic recovery.

How much money did the Marshall Plan give to Italy?

Italy was the third largest recipient of Marshall Plan aid. It received $12 billion between 1948 and 1952, on average, 2.3 percent of its GDP for five years.

Did Europe pay back the Marshall Plan?

The countries that received funds under the plan didn’t have to repay the United States, as the monies were awarded in the form of grants. However, the countries did return roughly 5 percent of the money to cover the administrative costs of the plan’s implementation.

Did Germany pay back the Marshall Plan?

Most of the countries that received Marshall Plan money assumed they would never be asked to repay it. But West Germany wasn’t sure of its status, so it treated the money as a loan. In 1953, it was agreed that the Germans would repay one-third of their postwar debt to the U.S.

Who paid for Marshall Plan?

the United States
While $19.4 billion was allocated for capital costs in the Marshall Plan, the Technical Assistance Program only required $300 million. Only one-third of that $300 million cost was paid by the United States.

Who financed the Marshall Plan?

It was enacted in 1948 and provided more than $15 billion to help finance rebuilding efforts on the continent. The brainchild of U.S. Secretary of State George C.

Who got money in the Marshall Plan?

The Marshall Plan gave more than $13 billion in aid to European nations—including its World War II enemies, Germany and Italy—and was crucial in revitalizing their post-war economies.

How much money did Belgium receive from the Marshall Plan?

The loan included 65 million for Belgium and 3 million for Luxembourg.