SPAIN will receive €69.5 billion in subsidies from the European Commission over the next five years to aid with the country’s coronavirus recovery plan.
This week, Brussels gave the green light to the investments and reforms proposed by Spain, which include addressing the country’s structural challenges and job creation, as well supporting ‘green and digital transitions’.
Spain is on track to receive the first €9 billion next month pending the final approval from the European Council.
“This is a historic day for Spain… it means a new understanding of Europe,” Prime Minister Pedro Sanchez said on Wednesday in a press conference beside Commission President Ursula von der Leyen, who called the plan “ambitious and far-sighted”.
“The plan was designed here in Spain and will promote growth here in Spain,” she said.
The Council must approve the plan in which Spain has pledged to spend 40% of the total allocation on measures that support the climate objectives while 28% will go towards technology.