Brussels: Leaders of Eurozone countries agreed to allocate funds faster for the EU permanent bailout fund on Friday -- the second day of the EU summit in Brussels.

The European stability mechanism will have 80 billion euros (about USD 106 billion) in cash and will have the right to call another 620 billion euros if needed. The funding will require approval at the national level.

The leaders also agreed that the fund's capitalisation will be completed in 2015, a year earlier than previously planned. The eurozone's emergency financial resources are the permanent European Stability Mechanism and the temporary European Financial Stability Facility. Eurogroup President Jean-Claude Juncker said on Wednesday the decision on the merger of the two funds may be made by late March.