European Commission approves Spanish recovery plan injecting billions into economy

The European Commission has approved the Spanish Governments recovery and resilience plan, which will see €69.5bn in European funds be released into the Spanish economy.

In a statement issued by both Prime Minister Pedro Sanchez and European Commission president Ursula von der Leyen, they said that the plan submitted met the requirements for the latest level of funding, and was a comprehensive and adequate solution to the financial issued caused by the coronavirus pandemic.

At the moment the second half of the €140bn in the form of credit remains unrequested by the Spanish Government.

The agreement was signed during a press conference at the Red Eléctrica Española Headquarters in Madrid yesterday.

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