UK Markets open in 5 hrs 42 mins
  • NIKKEI 225

    27,522.26
    -250.64 (-0.90%)
     
  • HANG SENG

    24,965.55
    +13.25 (+0.05%)
     
  • CRUDE OIL

    84.83
    -0.72 (-0.84%)
     
  • GOLD FUTURES

    1,836.10
    -6.50 (-0.35%)
     
  • DOW

    34,265.37
    -450.03 (-1.30%)
     
  • BTC-GBP

    26,270.54
    +206.25 (+0.79%)
     
  • CMC Crypto 200

    822.09
    +579.41 (+238.76%)
     
  • Nasdaq

    13,768.92
    -385.08 (-2.72%)
     
  • ^FTAS

    4,217.31
    -57.21 (-1.34%)
     

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