Spain in talks with Gulf sovereign funds on investing in EU recovery projects

Spain is in talks with sovereign wealth funds from several Gulf countries on them co-investing in projects financed by European aid in order to leverage the initial investment, Spanish Foreign Minister Arancha Gonzalez Laya said on Wednesday. "They are very interested in projects of decarbonisation, digitalisation and modernisation of our productive structure at a time when Spain is entering this process of transforming its economy," she said during a video-call with foreign correspondents based in Spain.

Spain is in talks with sovereign wealth funds from several Gulf countries on them co-investing in projects financed by European aid in order to leverage the initial investment, Spanish Foreign Minister Arancha Gonzalez Laya said on Wednesday.

"They are very interested in projects of decarbonisation, digitalisation and modernisation of our productive structure at a time when Spain is entering this process of transforming its economy," she said during a video-call with foreign correspondents based in Spain. So far, the only condition on these investments under consideration is job creation in Spain, a senior official with knowledge of the management of the EU recovery plan told Reuters.

The Gulf sovereign funds are "good connoisseurs of Spain and good investors," Gonzalez Laya added. Spain will receive one of the biggest slices of European recovery funds in the coming years, up to 140 billion euros ($170 billion) of which about half will be in the form of grants.

($1 = 0.8310 euros)

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