EU gives first nod to disbursement of 10 bln euros to Spain under recovery plan

The disbursement is part of the European Union's wider, 27-nation plan to support the recovery of the European economy from the slump caused by the coronavirus pandemic.

It was the first time the EU Commission had given a positive assessment for grants under the recovery plan, after the disbursement of the first tranches of payments as pre-financing, which are one-off, initial funds released under less stringent conditions.

Under the recovery plan, Spain is entitled to receive nearly 70 billion euros in grants, of which 9 billion have already been disbursed as pre-financing.

The unlocking of the funds is conditional on beneficiary countries taking concrete steps towards a greener, more digital economy.

The new grant would need to be definitively approved after discussions with representatives of EU states.