Spain, Lithuania Get 10 Billion Euros In EU COVID Recovery Fund,

Fahad Shabbir (@FahadShabbir) Published August 17, 2021 | 09:15 PM

BRUSSELS, (UrduPoint / Pakistan Point News / WAM - 17th Aug, 2021) Spain and Lithuania on Tuesday received its 10 billion Euros (US$10.6 billion) from the 800 billion euro EU Recovery Fund meant to help the bloc recover from the COVID-19 pandemic and make its economy greener and more digitalised.

Spain got its first tranche of money amounting to 9 billion euros ($10.6 billion) while Lithuania also received its first tranche of money of 289 million euros from its allocated total of 2.22 billion euros in grants.

Spain will get a total of 69.5 billion euros in grants from the Fund in the coming years, with the payouts tied to the implementation of investment projects and reform measures set out in its proposal to the European Commission.

"I am convinced that Spain’s ambitious plan will provide a crucial push for the European Green Deal to become a reality, it will further digitalise the economy and it will make Spain more resilient than ever," Commission President Ursula von der Leyen said in a statement.