THE Valencian government has received its first €873 million from the Next Generation EU funds.

Generalitat spokesman Angel Poyatos announced today (Monday June 7) that the huge cash injection will enable the creation of up to 15,000 jobs ‘over the coming months’.

More specifically, €483.5 million of the total correspond to the React-EU programme, while another €390m come from the Recovery and Resilience Facility.

According to the regional government spokesman, the much-needed COVID recovery funds are already reaching their destination – namely the Valencian business sector, who will be in charge of developing the projects eligible for the funding.

Eu Funds Palau De La Generalitat
The Palau de la Generalitat in Valencia

Poyatos revealed that more than €400m of the React-EU have already been allocated to businesses, self-employed workers and employees on temporary redundancy plans, or ERTEs.

Meanwhile, the Recovery and Resilience funds will be spent on boosting professional training – FP in Spanish -, promoting renewable energy sources, modernising procedures within the regional government by digitalisation, and boosting culture, among other projects.   

Poyatos also explained that the arrival of the EU funding has boosted the Valencian gross domestic product, or GDP, by nearly one percentage point.

And this is just the beginning, as EU funding is due to continue arriving in the Valencia region over the next few weeks when projects are completed and approved by Brussels.

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