SPAIN has received its first payout from the EU COVID Recovery Fund.

The country has been transferred €9 billion of its €69.5 billion allocation.

The money will be used for structural changes to its economy in the wake of the coronavirus pandemic.

Prime Minister, Pedro Sanchez, said: “We continue to move towards a greener, digital, feminist, and cohesive country, setting into motion the great transformations that our country needs.”

The cash is designated for increasing renewable energy sources, improving digitalisation, and cutting youth unemployment.

European Commission President, Ursula von der Leyen, said: I am convinced that Spain’s ambitious plan will provide a crucial push for the European Green Deal to become a reality.”

“It will further digitalise the economy and it will make Spain more resilient than ever,” she added.

Some of the fund will be used to develop electric car production in Spain.

Other projects include extending ultra fast broadband to the whole country and building 335 kilometres of new rail tracks.

A second €10 billion payment is scheduled for December.

READ MORE PEDRO SANCHEZ ANNOUNCES FUND FOR PANDEMIC-HTI SMALL BUSINESSES AND SELF-EMPLOYED

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