EU gives first nod to disbursement of 10 billion euros to Spain under recovery plan

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EU gives first nod to disbursement of 10 billion euros to Spain under recovery plan
© Reuters/Sergio Perez A worker walks past the Cuatro Torres financial district in Madrid

BRUSSELS (Reuters) – The European Commission said on Friday it had given preliminary approval to the disbursement of 10 billion euros ($11.3 billion) in grants to Spain under the EU recovery plan.

The disbursement is part of the European Union’s wider, 27-nation plan to support the recovery of the European economy from the slump caused by the coronavirus pandemic.

It was the first time the EU Commission had given a positive assessment for grants under the recovery plan, after the disbursement of the first tranches of payments as pre-financing, which are one-off, initial funds released under less stringent conditions.

Under the recovery plan, Spain is entitled to receive nearly 70 billion euros in grants, of which 9 billion have already been disbursed as pre-financing.

The unlocking of the funds is conditional on beneficiary countries taking concrete steps towards a greener, more digital economy.

The new grant would need to be definitively approved after discussions with representatives of EU states.

($1 = 0.8843 euros)

(Reporting by Francesco Guarascio; Editing by Mark Heinrich)

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