Monday, September 25

Brussels delivers the second tranche of 12,000 million funds for Spain

The European Commission has approved this Friday the disbursement to Spain of the second tranche of the recovery fund, which amounts to 12,000 million euros, after the approval of the Twenty-seven EU countries and the subsequent green light of the Community Executive.

Spain will receive 7,700 million more from European funds for having suffered a greater than expected impact of the pandemic

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The approval of the section of the second package of milestones and objectives will entail the disbursement of 12,000 million euros, which will be added to the 9,036 million euros of pre-financing in mid-August last year and the 10,000 million euros of the first disbursement, received in 2021.

This second disbursement of the recovery plan corresponds to the fulfillment of 40 milestones and objectives –31 milestones and nine objectives– which have been fulfilled throughout the second half of 2021.

The disbursement comes after the approval of the EU countries, through the Economic and Financial Committee (EFC), and the last approval of Brussels through the commission of the Recovery and Resilience Fund.

First country to receive the second disbursement

Spain has been the first EU country to make a formal request to receive the second disbursement. This section corresponds to the implementation of measures to transform and rebalance labor relations and the pension system in the Spanish economy, among which the labor reform and the reform of the public pension system stand out.

“This is very good news that reaffirms Spain’s leadership in the deployment of the Recovery Plan in Europe. The European Commission continues to endorse the government’s roadmap with significant investments and reforms in key areas such as education and vocational training, the labor market, sustainable mobility, connectivity and the deployment of 5G to put Spain at the forefront of new green and digital economy”, stated the Vice President of Economic Affairs, Nadia Calviño.

After the payment of these 12,000 million euros, the disbursement to Spain amounts to 31,000 million euros, which represents 44% of the total funds that correspond to it.

The second section is associated with the establishment of measures to reduce temporary employment and the proportion of contracts of this type in the labor market, the rules for collective bargaining, the stability of pensions or the sustainability of public spending.

“Spain once again demonstrates that it is a country that meets its commitments and will be the first to receive the second disbursement of the Recovery, Transformation and Resilience Plan”, highlighted the Minister of Finance and Public Administration, MarĂ­a JesĂşs Montero. “This Government has managed to launch the largest modernization project in Spain and we will not cease in our goal of building a more socially just, more digital, more productive and greener country,” she added.

Within the green and digital axes, this second disbursement also includes the approval of the Roadmap for offshore wind energy and other energies from the sea; the Strategy for Safe, Sustainable and Connected Mobility, the Charter of Digital Rights, the entry into force of the RD-Law for the protection of workers engaged in home delivery activities using digital platforms or tax measures to accelerate the deployment of the 5G network.

Among other measures associated with the second payment are some to strengthen resilience, economic growth and territorial cohesion, such as the modernization of the Tax Agency, the approval of the Action Plan for Primary and Community Care and the improvement of the functioning of the food chain.

Regarding the disbursement schedule, the following is equivalent to 6,000 million euros linked to 29 milestones and objectives for the first half of 2022.

With the calls for investments resolved by the General State Administration, as of June 2022, the Recovery Plan already finances more than 28,800 projects throughout Spain in which more than 19,000 companies, more than 5,500 local entities and more than 2,000 universities participate. and technology centers, according to the Ministry of Economic Affairs.