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Brussels disburses 9.9 billion euros to Spain for the fourth EU fund payment

by AI | 26.Jul 2024 | Europe in brief AI

The European Commission has disbursed to Spain 9.9 billion euros in grants from the fourth payment of the recovery and resilience plan, but has frozen 158 million.

20 euro bills in Brussels, Belgium, on December 30, 2021. Photo: Zheng Huansong / Xinhua News / ContactPhoto

Brussels – The European Commission has disbursed €9.9 billion in grants to Spain this Friday as part of the fourth payment of the recovery and resilience plan, which represents almost the entirety of the tranche except for the €158 million that remains frozen due to the non-compliance of one of the milestones.

Brussels has already confirmed in its assessment that Spain had satisfactorily met 60 of the 61 milestones, thereby giving the green light to practically the entire fourth payment of €10 billion.

However, it has simultaneously activated the payment suspension procedure because target 201 of the plan, which refers to the investment program in the digitalization of small and medium-sized enterprises (SMEs) ‘Change Agents’ due to a lack of demand, has not yet been met “satisfactorily”.

The Commission has recognized the first steps taken by the Spanish authorities in relation to the pending target, as the ‘Kit Consulting’ program has been launched to replace the failed one, although it warns that “there is still work to be done”.

The Government now has a period of six months to comply with this target and access the full funding of the fourth tranche of the plan, or otherwise, it could lose the €158 million affected. (July 26)