Spain gets tranche of 9 billion euros in EU COVID recovery fund, Lithuania 289 million

[August 17, 2021]  BRUSSELS (Reuters) - Spain on Tuesday received its first tranche of money amounting to 9 billion euros ($10.6 billion) from the 800 billion euro EU Recovery Fund meant to help the bloc recover from the COVID-19 pandemic and make its economy greener and more digitalised.

People stand next to closed-down businesses as they wait to enter a pharmacy, amid the coronavirus disease (COVID-19) pandemic, in Madrid, Spain, March 12, 2021. REUTERS/Susana Vera

Spain will get a total of 69.5 billion euros in grants from the Fund in the coming years, with the payouts tied to the implementation of investment projects and reform measures set out in its proposal to the European Commission.

"I am convinced that Spain's ambitious plan will provide a crucial push for the European Green Deal to become a reality, it will further digitalise the economy and it will make Spain more resilient than ever," Commission President Ursula von der Leyen said in a statement.

Lithuania also received its first tranche of money of 289 million euros from its allocated total of 2.22 billion euros in grants.

($1 = 0.8500 euros)

(Reporting by Foo Yun Chee; Editing by Alison Williams)

[© 2021 Thomson Reuters. All rights reserved.]

Copyright 2021 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.