Spain To Receive €19bn From EU Recovery Funds This Year

Spain is due to receive 19 billion euros from the European Union’s COVID-19 recovery package this year. image: Pinterest

Spain To Receive €19bn From EU Recovery Funds This Year.

Spain is due to receive 19 billion euros from the European Union’s COVID-19 recovery package this year, according to a report from the El Pais newspaper.

Spain will receive 9 billion euros in June, as an early payment, and the EU would then transfer the second amount of 10 billion euros by the end of the year.

The Spanish government had originally envisaged an investment of 27 billion euros from the EU recovery funds in the 2021 budget, but delays in the approval of the plan have pushed back of the money to next year.

The president of the European Commission, Ursula von der Leyen, will be in Madrid on Wednesday to announce the official approval of the plan and details of the disbursements.

In total, Spain has so far been allocated 70 billion euros in the form of grants to invest until 2023, however, if necessary, projects can be delayed until 2027.

Spain is one of the main beneficiaries of the scheme agreed upon by the 27 member states last year as it is due to receive an overall 140 billion euros, including loans.

Spain plans to invest 13.2 billion euros to boost electric vehicle use, one of a raft of measures as the government prepares to deploy European Union pandemic recovery funds to modernise the economy, Prime Minister Pedro Sanchez said.

Electrifying transportation is one of 20 flagship investments that Spain plans to make over the next three years, spending part of its portion of the EU’s recovery fund, Sanchez said during a press conference on Tuesday in Madrid. Other programs include 6.8 billion euros to be spent on improving the energy efficiency of buildings and 4.3 billion euros for modernizing the public administration, he said.

“We have this great opportunity in Spain to carry out all the reforms and investments that we should have done a long, long time ago,” Sanchez said.


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Ron Howells

Ron actually started his working career as an Ophthalmic Technician- things changed when, during a band rehearsal, his amplifier blew up and he couldn’t get it fixed so he took a course at Birmingham University and ended up doing a degree course. He built up a chain of electronics stores and sold them as a franchise over 35 years ago. After five years touring the world Ron decided to move to Spain with his wife and son, a place they had visited over the years, and only bought the villa they live in because it has a guitar-shaped swimming pool!. Playing the guitar since the age of 7, he can often be seen, (and heard!) at beach bars and clubs along the length of the coast. He has always been interested in the news and constantly thrives to present his articles in an interesting and engaging way.

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