Spain requests funding from EU Recovery Fund

The Spanish government has asked European institutions for the first official transfer of funds from the Economic Recovery Fund of the community after the pandemic, Report informs with reference to TASS.

The European Commission has confirmed that it has received an appeal from Spain, in which Madrid asks for the first official payment of 10 billion euros from the fund.

Thanks to the funds from the fund, Spain hopes to create 800,000 new jobs in three years and achieve GDP growth by 2 points per year. In total, Spain can receive about 69.5 billion euros in grants.

The EC announced its initiative for a €672.5 billion fund in April 2020. This fund is the main element of the EU's next generation with a total of €750 billion.

The funding for this fund will be accumulated through internal loans, which are planned to be repaid by 2052. These funds are then to be allocated to EU states in the form of loans and grants for investment in economic recovery. One of the conditions for allocating money along this line is the requirement of Brussels to direct at least 30% of all investments from this fund to the development of the green economy.