Spain accelerates the allocation of EU Next Generation funds to nationwide projects

SPAIN has been hard at work to speed up the allocation of funds from the European Union’s Next Generation funds. And in an announcement made on Thursday, March 16, the Spanish government said it has allocated 40 per cent of its budget for 2023 during the last two months.

Nadia Calviño, the Vice President of the Government, appeared before an EU committee to share updates about Spain’s progress with Next Generation funds and Recovery Plan during 2022. Calviño also shared accomplishments using Next Generation funds and planned future uses of the money in the development of the Spanish economy.

The European Recovery Plan is a significant reason for Spain’s economic growth following the pandemic, with more than €10.7 billion authorised from Europe during the first quarter of 2023. Much of these funds have already been put into place, benefitting almost 300,000 projects in the country, with more than €23.5 billion already spent on aid and funding for companies, research centres, and in the education sector.

The Recovery Plan has been successful in boosting Spain’s economic growth, and the country can now look forward to a more sustainable and resilient future.