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The European Commission approves the Recovery, Transformation and Resilience Plan for Spain

The President of the Government, Pedro Sánchez, has met in Madrid with the President of the European Commission, Ursula von der Leyen, on the occasion of the approval of the Spanish Recovery, Transformation and Resilience Plan. The Commission has approved the Recovery Plan presented by Spain of 69,500 million euros in direct transfers, which can be extended to more than 140,000 in credits, if necessary, until 2026.

The President of the Government stressed: “We want a modern country and leader in the great transformations. This reformist nature of the Recovery Plan foresees important advances in the modernization of the economic and social structure of Spain”. The Plan represents the largest investment and reform effort in our country since its entry into the defunct European Economic Community, 35 years ago.

The Spanish Recovery Plan, together with that of Portugal, were the first to be approved. Sánchez thanked von der Leyen for being always at the side of Spain, “especially in the hardest moments.” The President of the Government stressed that the Plan presents unique opportunities for the Spanish economy and for transnational projects, and added: “This is a task that Spain and Europe have to face in a coordinated manner, with ambition, always thinking about innovation, inclusion and sustainability”.

Sánchez and Von der Leyen visited the Electrical Control Centre of Red Eléctrica de España, as the electricity system will be profoundly affected by the execution of the Plan. Both leaders have been accompanied by the second vice president and Minister of Economic Affairs and Digital Transformation, Nadia Calviño; and the fourth vice president and minister for the Ecological Transition and the Demographic Challenge, Teresa Ribera. The visit included a tour of the Renewable Energy Control Centre, a pioneering system worldwide in the supervision and control of these energies, which was launched by Red Eléctrica de España in 2006.

Green, digital, gender-gap-free and cohesive Spain

The Recovery Plan is based on four axes: ecological transition, digital transformation, gender equality and social and territorial cohesion. These axes will be concretized in several objectives such as, for example: digitalization of more than one million SMEs, training of more than 2.6 million people in digital skills, extension of broadband to 100% of the population, effective deployment of 5G, promotion of 165 sustainable tourist destinations, rehabilitation of more than one million homes, reach a fleet of 250,000 electric vehicles, deploy more than 100,000 charging points and complete the Atlantic and Mediterranean rail corridors.

The Plan contains 212 investments and reforms that Spain has already launched, to a large extent, since 2020. Spain will receive more than 19,000 million euros in 2021, of which 9,000 correspond to advances and 10,000 to milestones and objectives already met.

According to the Commission’s report, Spain has established an appropriate structure to implement the Plan and ensure its effective follow-up. Overall, the text considers that the Plan’s control system is adequate to detect and correct corruption, fraud or conflict of interest.

The president has underlined the character of “country project” of the Recovery, Transformation and Resilience Plan and, to address this issue, Sánchez has announced that before the summer he will convene a Conference of regional presidents.

Source: La Moncloa