Brussels greenlights Spain's recovery plan to access €69.5bn of European funds

The European Commission has given the green light to Spain's Covid recovery plan, which will give access to €69.5bn of European funds in the form of grants.

The approval of the Spanish plan, the second to be accepted by Brussels, could mean the first €9bn of pre-financing by the end of July, according to EU sources.

In their evaluation, the EU executive said that Spain's plan meets the minimum objectives for the ecological and digital transition, and all 11 criteria necessary for approval.

Specifically, 40% of the money will go towards the ecological transition - the minimum required by regulation is 37% - and 28% will go towards the digital transition, above the 20% requested.

The European Commission endorsed the labor and pension reforms proposed, while admitting that the "final design" has not yet been confirmed.

The next step is for the recovery plan to be approved by EU finance ministers, in a meeting scheduled for July 13.

The second and third payments are expected this December (€10bn) and before the end of June 2022 (€12bn).