Spain´s share of the financial package agreed by the EU yesterday to alleviate the effects of Covid-19 on domestic economies will be 140,000 million euros.
After three days of difficult negotiations the EU has “confronted an historic challenge and has responded with an historic agreement,” according to the Spanish President, Pedro Sanchez.
The agreement sets up a “Grand Recuperation Fund” of 750,000 million euros called “Next Generation EU,” which mobilizes a massive quantity of public European resources for the recovery from the Covid-19 crisis. This recovery has three pillars which aim to facilitate a strong, balanced and sustainable recovery: digital transition; ecological transition; and employment training for students and workers.
Of the 750,000 million euros some 360, 000 million will be in the form of loans and 390,000 million in direct transfers.
During the negotiations Spain has managed to secure approximately 140,000 million euros during the next six years, 72,700 million of which will be in the form of transfers.
