UK Markets closed

Spain in talks to launch EU-funded recovery plan in January 2021 - minister

·1-min read
FILE PHOTO: Informal Meeting of Ministers for Economics and Financial Affairs in Berlin
FILE PHOTO: Informal Meeting of Ministers for Economics and Financial Affairs in Berlin

MADRID (Reuters) - Spain's government is negotiating with its EU partners to get the disbursements of European Union recovery funds as early as possible so it can launch its recovery plan in January 2021, Economy Minister Nadia Calvino said on Wednesday.

Spain is due to receive around 140 billion euros (127 billion pounds) in grants and loans out of the EU's 750-billion-euro coronavirus recovery package.

"Negotiations are still ongoing in Brussels, so obviously we are doing our outmost to accelerate this process so that we can start the implementation of the recovery plan on January 1 2021," Calvino told Bloomberg TV on Wednesday.

Separately, Calvino said the Spanish government is "in no hurry to divest" its stake in Spanish bank Bankia <BKIA.MC>, which is in the process of merging with rival Caixabank <CABK.MC>.

(Reporting by Inti Landauro; Editing by Andrew Heavens)