12 Nov, 2021 @ 20:30
1 min read

Spain signs up for first grab of European Union’s COVID recovery money

Move to EU more and more attractive for young Brits
Move to EU more and more attractive for young Brits

Spain has become the first European Union country to officially apply for a first €10 billion instalment of the Union’s COVID recovery fund.

This follows a meeting on Wednesday when Spain signed up for the EU’s terms and conditions.

The €10 billion sum is on top of the €9 billion that it got in the summer as an initial ‘up front’ payment.

Spain is set to get €140 billion from the EU over the next three years with the total split equally between loans and grants.

The 2021 payment is dependent on the national government proving to the European Commission that it has put together a cohesive programme of recovery.

The structural goals include issues like gender wage equality, climate change, and technological improvements.

Last April, the government approved a €70 billion EU-funded recovery plan to move away from Spain’s reliance on services and tourism to focus on digitalisation.

A document signed between Spanish and EU representatives this week means there will be quarterly meetings between both bodies to check on the progress of the recovery plan.

Spain is the first EU member to put its name to such a document.

It will be the second-largest beneficiary of EU recovery fund cash after Italy.

Image Credit: Cordon Press

Alex Trelinski

Alex worked for 30 years for the BBC as a presenter, producer and manager. He covered a variety of areas specialising in sport, news and politics. After moving to the Costa Blanca over a decade ago, he edited a newspaper for 5 years and worked on local radio.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inland Malaga boost
Previous Story

Inland Malaga boost

Homes Built On 'unapproved' Land Face Demolition Threat In Costa Blanca And Valencia Areas Of Spain
Next Story

Homes built on unapproved land face new demolition threat in Costa Blanca and Valencia areas of Spain

Latest from Business & Finance

Go toTop

More From The Olive Press

3 bedroom Villa for sale in Villamartin with pool - € 369

3 bedroom Villa for sale in Villamartin with pool – € 369,000

Villa Villamartin, Alicante   3 beds   2 baths €

British expats blast Conor McGregor’s plans to bring bare knuckle fighting to Marbella

CONOR McGregor’s plans to bring bare knuckle fighting to Marbella