EU recovery funds to boost Spanish growth by 2 pctg points a year, PM says

European Union recovery funds to be transferred to Spain will boost economic growth by two percentage points annually in the coming years, Prime Minister Pedro Sanchez said on Tuesday.

European Union recovery funds to be transferred to Spain will boost economic growth by two percentage points annually in the coming years, Prime Minister Pedro Sanchez said on Tuesday. The government will use the money to finance 110 major investment projects, Sanchez said, including nearly 3.2 billion euros in renewable energy.

Spain is due to receive about 140 billion euros ($166 billion) from the EU to help it recover from the COVID-19 crisis. About half of the funds will come in the form of grants and the rest will be loans. ($1 = 0.8409 euros)