Radar NextGeneration #7: Ecofin approves the first Recovery and Resilience Plans

The information in this article was previously published in EY Insights’ Radar Next Generation EU #7, an EY product, and covers the first Recovery and Resilience Plans.

On 13 July, the Economic and Financial Affairs Council (Ecofin) gave final approval to the first Recovery and Resilience Plans, including Spain’s, after the European Commission published its positive assessment of it on 16 June.

This step will allow the European Commission to release 13% of the allocated funds, 9,036 million euros as pre-financing, and a further 11,494 million euros in December this year as a first tranche, corresponding to the reforms and investments in the form of milestones and targets committed to by Spain that have already been implemented since the start of the pandemic. The remaining payments are expected to be released every six months depending on the fulfilment of the 416 milestones and targets committed to, before 31 August 2026 and in accordance with the provisions of this annex.

The Recovery, Transformation and Resilience Plan details the use of almost 70 billion euros in non-repayable transfers that Spain is requesting from the European Commission to finance 110 investments and 102 structural reforms committed to. The Plan anticipates that the remaining almost 70 billion euros that the European Commission is making available to Spain in the form of loans will be requested for implementation from 2022 onwards.

Read the full information, as well as more articles of interest, in EY Insights’ Radar Next Generation EU #7.