Belgium, (Brussels Morning Newspaper) The European Commission gave preliminary approval for Spain’s second recovery and resilience aid scheme request.
The EC reminded in a statement on Monday that Spain submitted the request worth 12 billion euros at the end of April, based on the achievement of targets from the Council Implementing Decision.
These targets include reforms and investments in R&D, green push, pensions, the labour market, digital transition, healthcare, education and more.
The EC pointed out that Spain submitted detailed evidence “demonstrating the fulfilment of all the 40 milestones and targets,” adding that it assessed the evidence and gave preliminary approval for the request.
Spain’s recovery and resilience plan are worth nearly 70 billion euros, of which the EC previously disbursed about 9 billion in pre-financing.
The Commission pointed out that Recovery and Resilience Facility (RRF) payments are based on performance and implementation of reforms set out in national recovery and resilience plans.
Following the EC’s preliminary positive assessment, the Economic and Financial Committee (EFC) is to give its opinion in the next four weeks.
Few steps remain
The Commission will make its final decision after the EFC gives its opinion, after which the money can be disbursed.
The EC stressed that it will base further decisions on payment requests on “the fulfilment of the milestones and targets outlined in the Council Implementing Decision, reflecting progress on the implementation of the investments and reforms.”
EC President Ursula von der Leyen pointed out that Spain continues to implement reforms in key areas and stressed that the Commission supports the member state’s efforts.
Valdis Dombrovskis, European Commissioner for Trade, noted that “Spain is continuing to press ahead with its agenda of reforms and investments,” adding that approval of the application will help the country on its path to recovery.
Paolo Gentiloni, European Commissioner for Economic and Monetary Affairs, commended Spain for implementing its recovery and resilience plan.
“Once the relevant procedures are finalised, Spain can look forward to receiving 12 billion euros in grants to support future-oriented investments for strong and sustainable growth,” he pointed out.
Gentiloni concluded that the EC’s assessment showed Spain’s progress in the implementation of reforms including the digital transition and the green push.