Spain to get €140 billion in EU loans to help COVID-19 recovery

Economy Minister Nadia Calviño says Spain now plans to make full use of the financial aid in the European Union’s coronavirus recovery fund, having said previously it may not access the loans part of the deal.

Madrid will receive €72 billion in grants, the balance of the available €140 billion will be made up of loans.

Progress in getting the package completed has been held up because of a dispute over rule-of-law conditions between Hungary, Poland and Slovenia.

The government, led by Socialist Prime Minister Pedro Sanchez, has spent billions this year to help businesses and workers.

This week, it extended its loan guarantee program to ensure companies continue to have access to cheap financing and can delay debt repayments until the recovery strengthens.