EU funding key for Spain’s economy. Injection of investment will transform country

COMPANY chiefs predict a transformation of the Spanish economy as European Union recovery funds flood into the country.

Spain looks set to receive as much as €140 billion in grants and bargain EU loans over the next six years; starting with a €19 billion instalment scheduled to arrive before the end of the year.

Company bosses believe it will help make Spanish businesses cleaner, more energy efficient, and boost their involvement with a digital age.

Fuel giant Repsol has a massive programme attracting EU funding and chief
executive Josu Jon Imaz the country’s industrial sector had the opportunity to grow and be a “catalyst” for the economy. “Spain has a great opportunity to transform.”

At energy company Endesa, CEO Jose Bogas added: “Next generation EU funding are the right answer to boost the economy to recovery after the pandemic.”

It comes at a time when investor appetite is “strong” according to financial experts, allowing companies to raise funds on stock markets.