Spanish PM Sanchez: Will receive EUR140B from EU recovery fund, half in grants

After the European Union (EU) leaders clinched the historic Recovery Fund deal early Tuesday, Spanish Prime Minister (PM) Pedro Sanchez said that his country will receive 140 billion euros ($160.17 billion) from the fund, per Reuters.

Key quotes

"It is a great agreement for Europe and a great agreement for Spain.”

"Europe laid the basis of a response to the crisis of COVID-19 without losing sight of tomorrow."

“Spain will use the proceeds to encourage investment in its economy's digital transformation, the transition into greener energy sources and education.”

Spain and Italy, arguably the hardest hit European countries by the pandemic, will be the main beneficiaries of the recovery fund.

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