Spain becomes first EU member state to formally request disbursement from Recovery Fund

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Spain has formally asked the European Union to pay the first tranche of 10 billion euros from the Recovery Fund, and thus became the first EU member state to do so, the Ministry of Budget announced today.

The southern European state received an advance of 9 billion euros in August out of a total of 19 billion euros, which Spanish Economy Minister Nadia Calvino said the country would receive in 2021.

The full installment for 2021 will be paid within two months if the European Commission considers that the Spanish Government has achieved a total of 52 mutually agreed steps including climate change mitigation targets, gender pay and digitization strategies.

Spain will receive € 140 billion from the EU Recovery Fund over the next three years, about half in grants and the other half in loans. The country is one of the main recipients of these funds.

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Source From: Capital

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