The European Commission approved this Monday the annex to the Recovery Plan presented by the Spanish Government in June. The Annex represents an update of the Government’s first Recovery Plan sent to the European Commission in April 2021, increasing the Next Generation funds available to Spain by 93.5 billion by 2026, for a total of 163 billion subsidies and loans. For now, the amount Spain will receive in 2024 is increasing 25.6 billion Between transfers (10,155 million) and loans (just over 15,400 million), compared to the €8,000 million subsidy provided in the first plan.
More money available…
The Transformation and Resilience Recovery Plan (PRTR), presented by the government in Brussels in April 2021, provided access to 69.5 billion euros. subsidies Assigned to Spain on account of European funds New Generation EU In return for the completion of 110 investment projects and 102 reforms, including pension and labor reforms, among others.
The addendum now serves to update the volume of non-refundable aid allocated to Spain (increased to 77.2 billion with an additional 7.7 billion). Additionally, through the addendum, the Government requested access to €83,000 million in funding. Recovery and Resiliency Facility credits Available for Spain. Finally, this document helps the Government claim 2,600 corresponding to the Repower EU programme, through which the European Union plans to advance energy autonomy.
In total, the addendum opens the door to a further €93,500 million in subsidies (77,200 million and 2,600 million from Repower) and loans (83,000 million) for the period 2021-2026, for a total of up to €163,000 million. All community budget credits 30-year repayment period, The first 10-year grace period for principal payments. HE type of interest It will mainly depend on the financing cost associated with Next Generation EU emissions over the period for which each loan payment is made.
…to strengthen the ecological transition
The amended plan focuses largely on: ecological transition, By allocating 40% of available funds to measures that will support the goals of combating climate change. The revised plan includes 30 new climate action measures, bringing the total green contribution to €65 billion (from €27.6 billion in the original plan).
“The seven new investments in the new reform, expansion of investment and Re-Strengthening the EU contribute significantly to the ecological dimension of the plan,” the European Commission said. Aims of the reform make it easier to implement from renewable energy sources and make processing easierNumber of authorization requests. The seven new investments focus on: renewable hydrogen, the value chain renewable energies, electrical networks And decarbonization in industry. The expansion of investment aims to support self-consumption, storage and energy communities.
..and digital migration
The revised plan also expands the objectives of the Spanish plan on digital issues. 18 new measures It shows that the total allocation allocated to these targets is 26%. Therefore, the amended plan includes many new measures related to advanced digital technologies and strategic investments throughout the value chain. microprocessors Advanced from R&D to production. It is also planned to invest in emerging technology companies (‘beginners’improving companies’ access to finance audiovisual sector and encouraging the use of new technological tools in the media sector. Likewise, it is aimed to encourage the digitalization of the IT sector. water management and public administration through additional investments cyber security.
Another 27,000 million for strategic plans (Pertes)
The promotion of the green and digital agenda is expressed through the strengthening of almost all of the Pertes (strategic plans) currently implemented. electric vehicle and Bound (Perte VEC), Pioneer Health, Renewable energy, Green Hydrogen and Storage (PERTE ERHA), Digitizing the Water Cyclemodernization of agri-food and aviation industries and Decarbonization of Electro-intensive Industry, Circular Economy, New Social and Care Economy, healthcare industry. Semiconductors and Microprocessors (PERTE CHIP) and New Language Economy. The annex will provide Pertes with approximately 27 billion additional resources from transfers, loans and the RepowerEU program.
A fund for autonomous communities of 20,000 million people
The government granted 83,000 million loans. 12 backgrounds It is aimed at productive sectors and regional projects. In particular, it is planned to create the Autonomous Resilience Fund, which will be managed by the European Investment Bank Group (EIB), equipped with grants of up to 20 billion euros to finance sustainable investment projects in autonomous communities. These investments can be made by private and public companies from all autonomous communities in the social and affordable housing and urban transformation sectors; sustainable transportation; industrial and SME competitiveness; Research innovation development; sustainable tourism; care economics, water and waste management and energy transition.
17 new reform commitments
In addition to investments, the annex includes 17 reforms that complete the transformation that has begun in the economy and consolidate the sustainable and sustainable growth model. None are as socially and politically complex as some of the primary ones (pension or labor reform).
There are now 9 new reforms: National Strategy to Combat Desertificationstrategy Energy efficiency in the Highway Network State investigation, Value market law wave Consumer and user protection law facing situations of economic fragility; and another 8 that expands the existing ones, such as a sandbox and strengthening the transportation infrastructure, making regulations against this food wasteactivities law interest groups or Green Paper on Sustainable Financeamong others.
New payment plan
With the approval of the annex payment plan updatedIncludes additional transfers and loans. Calendar and/or content Up to 52 milestones and goals It is part of the initial plan to adapt them to new conditions (such as lack or excess demand for certain helplines) and to maintain the pace of investment in the coming years. For example, Digital Kit program extended until the end of 2025 Companies with more than 50 employees are granted entry. Changing some of the targets leaves the Government free to request the fourth subsidy payment (€10 billion) corresponding to the second half of 2023, which is linked to some reforms that could not be implemented due to election progress. and the dissolution of the Cortes. With the new schedule, Spain will be able to receive 7 upcoming payments and pre-financing of around 1.4 billion euros in connection with the REPowerEU chapter. In this sense, you can get between transfers and loans. Up to 25.6 billion euros in 2024, It will increase to 44.6 billion in 2025 and 44.3 billion in 2026.