Spain to Receive €140B from EU Recovery Fund

Spain will receive €140 billion from the European Economic Recovery Fund, which was agreed at the EU summit in Brussels, Prime Minister Pedro Sanchez said.

Earlier, European leaders reached an agreement on a total budget for 2021-2027 in the amount of €1.074 trillion and an economic recovery plan of €750 billion.

“As for Spain, our country will be able to receive about €140 billion in the next six years. For you to have an idea, we are talking about 11% of Spanish GDP in 2019. Of this 140 billion, 72.7 billion will be in the form of subsidies and loans, « – said Sanchez at a press conference in Brussels following the talks.

The Spanish prime minister called the agreement « historic » and new « Marshall plan » in order to « provide a first and foremost response to the COVID-19 crisis. » « Europe faced a historic challenge and was able to respond with a historic agreement, » he said.

On Tuesday night, the EU leaders’ summit ended in Brussels, which had lasted since Friday. The leaders discussed the budget and fund for the recovery of the European economy from the crisis caused by the pandemic. The European Commission offered to implement €500 billion from the fund as subsidies, €250 billion as loans. As a result, under the pressure of the « thrifty four » – the Netherlands, Denmark, Sweden and Austria – the configuration of the fund looks different: €390 billion as subsidies, €360 billion as loans.

source: reuters.com

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