On 21 July 2020, the Heads of State and the Government of the European Union agreed on a financial assistance package to alleviate the severe economic and social crisis caused by the COVID-19 pandemic and transform the European economies to make them more green, digital and resilient. To this end, they designed the temporary
NEXT GENERATION EU recovery programme.
NEXT GENERATION EU has an unprecedented public resource allocation of
EUR 750 billion. Its main component is the
Recovery and Resilience Facility, which will run for six years, from 2021 to 2026, with a total amount of
EUR 672.5 billion (EUR 312.5 billion in grants and EUR 360 billion in low-interest loans).
In order to access funds from the Recovery and Resilience Facility, Member States must approve national recovery and resilience plans. In Spain, the
Recovery, Transformation and Resilience Plan envisages a robust agenda of investments and structural reforms to tackle the crisis through an effective deployment of up to
EUR 140 billion in grants and credits. The Plan is a large nationwide project in which all levels of the Administration are involved: state, regional and local, as well as the private sector. The aim is to transform our economy, making it more green, digital, inclusive and cohesive, while increasing its capacity for growth in the medium and long term.