On Friday, the European Commission authorised the disbursement of the second tranche from the EU bailout fund to Spain, amounting to €12 billion. This step followed the unanimous agreement of the twenty-seven EU member states and the formal endorsement by the Community Steering Committee, marking another milestone in the Recovery and Resilience Facility for Spain.
The second tranche represents a portion of the broader milestones and targets package, with a total commitment of €12 billion. This sum complements the earlier pre-financing of €9,036 million delivered in mid-August of the previous year and the €10,000 million portion received in the first payment of 2021.
In this context, the disbursement corresponds to the completion of 40 defined milestones and targets—31 milestones and nine goals—achieved in the latter half of 2021, reflecting progress across structural reforms and investment plans tied to the recovery strategy.
The payment followed the decision by EU member states through the Economic and Financial Committee and received final approval from the European Commission’s Recovery and Resilience Fund administration, aligning with the overarching governance framework for the facility. Spain was the first EU member state to formally request the second payment under this mechanism, signaling ongoing execution of reforms linked to labor relations and pension system changes within the Spanish economy.
With this €12 billion installment, Spain’s total receipts under the Recovery and Resilience Facility tally to €31 billion, representing 44% of the funds allocated to the country under the program. The ongoing tranche schedule is designed to incentivize and monitor reforms that aim to modernize the labor market, recalibrate pension provisions, and ensure sustainable public spending over the medium term.
The second tranche also encompasses measures tied to the green and digital transition. Among these are the Roadmap for offshore wind and other offshore energy projects, the Strategy for Safe, Sustainable and Connected Mobility, the Digital Bill of Rights, and the Royal Decree-Law supporting workers in home delivery roles who operate through digital platforms. Tax measures are included to speed the deployment of a 5G network, reflecting a broader push toward digital infrastructure expansion and energy diversification.
Other elements associated with this second payment focus on strengthening economic resilience, promoting growth, and enhancing regional cohesion. These include modernizing the tax administration, advancing the Basic Care and Community Care Action Plan, and improving the efficiency and resilience of the food supply chain to support broader economic stability.
In sum, the €12 billion disbursement advances Spain’s reform agenda within the Recovery and Resilience Facility, reinforcing a path toward labor market modernization, pension system sustainability, and strategic investments in digital and energy transition. The package emphasizes accountability for reform milestones while linking financial support to measurable outcomes across the economy, industry, and public services. It also highlights sustained collaboration among EU institutions and member states to ensure that the funds translate into durable improvements for Spanish workers, households, and the broader economy.
As the program progresses, observers note that continued adherence to reform timelines and transparent reporting will be critical to maintaining confidence among EU partners and markets, ensuring the long-term effectiveness of the Recovery and Resilience Facility in catalyzing recovery, resilience, and inclusive growth across Spain and the region. (European Commission)