Spain will receive 140 billion euros from the Fund for the recovery of the EU economy

Spain will receive 140 billion from the Fund for the economic recovery of Europe, which was agreed at the EU summit in Brussels, said Prime Minister Pedro Sanchez.

Earlier, EU leaders at the summit reached agreement on the overall budget for the 2021-2027 years in the amount of 1,074 trillion Euro and the economic recovery plan of € 750 billion.

"With regard to Spain, our country will be able to get about 140 billion euros in the next six years. To give you an idea, we're talking about 11% of the Spanish GDP in 2019. Of these 140 billion, to 72.7 billion will be in the form of subsidies. The rest is in the form of loans," - said Sanchez at a press conference in Brussels following talks.

The Spanish Prime Minister called the agreement "historic" and a new "Marshall plan" in order to "give first response to the crisis COVID-19". "Europe is faced with a historic challenge and was able to answer historic agreement," he said.

In the night of Tuesday in Brussels ended a summit of EU leaders, which lasted since Friday. The leaders discussed the budget and the Fund for the recovery of the European economy from the crisis caused by the pandemic. The European Commission proposed 500 billion from the Fund to implement subsidies, 250 billion as loans. In the end, under the pressure of the "Thrifty four" - the Netherlands, Denmark, Sweden and Austria - configuration of the Fund is different: 390 billion euros as subsidies, 360 billion as loans.