The European Commission paid out on Monday the first 10 billion euros ($11.3 billion) to Spain from the EU-wide fund created to support member states during the COVID-19 pandemic
MOSCOW (Pakistan Point News / Sputnik - 27th December, 2021) The European Commission paid out on Monday the first 10 billion Euros ($11.3 billion) to Spain from the EU-wide fund created to support member states during the COVID-19 pandemic.
"The first payment under #NextGenerationEU, 10 billion for Spain, is now on its way! Felicitaciones a España. I hope to have more good news for other EU countries very soon," European Commission President Ursula von der Leyen wrote on Twitter.
The money is expected to be spent on projects promoting a green economy, digitization, as well as economic and social resilience.
The Recovery and Resilience Facility was agreed upon by European leaders in July 2020 as part of NextGenerationEU, a temporary recovery instrument designed to mobilize investments and jump-start Europe's economy, battered by the COVID-19 pandemic.
The Facility has a budget of 723.8 billion euros to support green reforms and innovation projects in EU member states. Before allocating the funds, the Commission reviews recovery plans presented by member states based on country-specific recommendations and assesses whether they dedicate at least 37% of expenditure to climate objectives and 20% to the digital transition.
