European leaders will spend $149 billion to stimulate growth and create jobs, EU president Herman Van Rompuy said Thursday, the first day of a two-day European Union summit.

The plan was proposed by the euro zone's four biggest economies, Germany, France, Italy and Spain, and entails redirecting unspent EU funds to the weakest euro zone economies and bolstering coffers of the European Investment Bank by increasing its capital base by $12.5 billion, AFP reported.

The EIB capital injection will let it raise funds so it can invest about $75 billion euros in innovation, small- and medium-sized companies and infrastructure projects.