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Updated February 27th, 2024 at 19:01 IST

Spain allocates $43 Billion EU recovery funds for business loans

The key focus areas include advancing Spain's green and digital transformation and facilitating corporate growth across sectors.

Reported by: Business Desk
Spain allocates $43 Billion EU recovery funds for business loans
Spain allocates $43 Billion EU recovery funds for business loans | Image:YouTube Screengrab
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Recovery funds: Spain is set to channel 40 billion euros ($43.41 billion) from the European Union's (EUs) recovery funds into soft loans for local businesses.

Economy Minister of Spain, Carlos Cuerpo, announced the move on February 27, detailing that the state credit institute will administer the loans as part of the next-generation EU recovery plan's expansion, approved by the European Council in October.

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Focused on alleviating the financial strain on companies, facing the heat of soaring interest rates and tightening credit conditions, these loans will support a variety of projects.

The key focus areas include advancing Spain's green and digital transformation and facilitating corporate growth across sectors.

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Among the targeted initiatives is the Spain Audiovisual Hub, intended to enhance the nation's production of audiovisual content, and the Next Tech fund, which will aid in the digitalisation of emerging and expanding technology firms.

Additionally, funds amounting to 4 billion euros, is earmarked for a social housing fund, underscoring the government's commitment to addressing both economic and societal challenges.

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Published February 27th, 2024 at 19:01 IST

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