EU Commission approves Spain's 69.5 bln euro recovery plan

The European Commission approved on Wednesday Spain's plan for recovery after the pandemic and transformation into a greener and more digitalised economy, the second such approval in the 27-nation bloc after Portugal. Under the scheme, Spain will get 69.5 billion euros in grants until 2026.

The European Commission approved on Wednesday Spain's plan for recovery after the pandemic and transformation into a greener and more digitalised economy, the second such approval in the 27-nation bloc after Portugal. Under the scheme, Spain will get 69.5 billion euros in grants until 2026. Madrid will already get the first 9 billion euros in pre-financing for the scheme once EU finance ministers also sign off on the plan in July.

The Commission said in a statement that Spain's plan devoted 40% of its total to fight climate change like the promotion of urban and long-distance sustainable transport, better energy efficiency of buildings, decarbonisation of industry and new technologies for green hydrogen and renewables. Another 28% of the money would go to the digitalise public administration, industry and business and investments in digital equipment for education and improving digital skills.

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