UK markets close in 2 hours 56 minutes
  • FTSE 100

    7,488.50
    +0.35 (+0.00%)
     
  • FTSE 250

    19,987.03
    +74.63 (+0.37%)
     
  • AIM

    911.52
    -3.23 (-0.35%)
     
  • GBP/EUR

    1.1836
    +0.0017 (+0.14%)
     
  • GBP/USD

    1.2221
    +0.0145 (+1.20%)
     
  • BTC-GBP

    18,914.57
    -246.12 (-1.28%)
     
  • CMC Crypto 200

    538.26
    -19.09 (-3.43%)
     
  • S&P 500

    4,122.47
    -17.59 (-0.42%)
     
  • DOW

    32,774.41
    -58.13 (-0.18%)
     
  • CRUDE OIL

    89.35
    -1.15 (-1.27%)
     
  • GOLD FUTURES

    1,807.20
    -5.10 (-0.28%)
     
  • NIKKEI 225

    27,819.33
    -180.63 (-0.65%)
     
  • HANG SENG

    19,610.84
    -392.60 (-1.96%)
     
  • DAX

    13,566.78
    +31.81 (+0.24%)
     
  • CAC 40

    6,485.77
    -4.23 (-0.07%)
     

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

·1-min read
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)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting