17 Aug, 2021 @ 16:30
1 min read

EU COVID-19 recovery money starts to pour into Spain for new green projects

EU COVID-19 recovery money starts to pour into Spain for new green projects
Madrid, Spain, 31/07/2019; Pedro Sánchez, President of Spain He has a working lunch with the elected president of the European Commission, Ursula von der Leyen, at the Palacio de La Moncloa, which is also attended by Josep Borrell Minister of Foreign Affairs, European Union and Cooperation at the Moncloa Palace. Photo: Juan Carlos Rojas/Picture Alliance | usage worldwide

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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