Spain's PM wants EU recovery funds to create greener nation

Tuesday, April 13, 2021 | Joseph Wilson, Associated Press


Spain's Prime Minister Pedro Sanchez talks during a press conference at the Moncloa Palace in Madrid, Spain, Tuesday, April 13, 2021. (Sergio Perez/Pool photo via AP)

BARCELONA, Spain (AP) — Spain's left-wing government wants the massive coronavirus windfall it will be receiving from the European Union to transform the nation after the economic devastation caused by the pandemic.

Spain is set to receive 140 billion euros ($166 billion) — half in direct payments, half in loans — from the 750 billion-euro ($908 billion) recovery plan adopted by EU leaders last year as the continent's economy reeled under lockdown restrictions, job losses and reduced consumer spending.

Prime Minister Pedro Sánchez, the leader of Spain’s Socialists, unveiled his coalition government's plans for 70 billion ($83 billion) in direct aid that it hopes to invest over the next three years. In line with EU priorities, they place a heavy emphasis on creating a greener economy, digitalizing business and public administrations and boosting productivity, all while fighting gender inequality and ensuring Spain’s underpopulated rural areas don't get left behind.

“This is the biggest opportunity for Spain since its entry into the European Union, and that was 37 years ago,” Sánchez said. “These opportunities only come twice in a generation, and Spain is not going to let it go by.”

The EU's 27 nations have until the end of the month to hand in their coronavirus recovery plans to Brussels. Sánchez will first present his plan to Spain’s Parliament on Wednesday, when opposition parties can argue for changes.

Sánchez said his government has forecast a 2% annual GPD growth thanks to the financial injection for a nation of 47 million whose economy shrunk 11% last year. The first goal of the recovery funds spending is to offset the hundreds of thousands of jobs lost in the pandemic, above all in Spain's large tourism industry.

Meanwhile, Sánchez wants to shift the nation's economy by boosting renewable energy use and other initiatives to fight the effects of climate change.

The government's more than 200 spending initiatives include 13.2 billion euros ($15.7 billion) for adapting Spain's roadways for electric, hybrid and plug-in vehicles. Another 6.8 billion euros ($8.1 billion) will go to improving the energy efficiency of homes, and 3 billion euros ($3.5 billion) will be used to expand renewable energy use. Four billion euros ($4.7 billion) will ensure that a 5G mobile network is available nationwide, including in rural areas.

“In the short term, we want to promote the recovery our our economy. In the mid-term, we want to foster its complete transformation,” Sánchez said. “The pandemic has made even more urgent a transformation that was already necessary.”

___

Follow all of AP’s pandemic coverage at https://apnews.com/hub/coronavirus-pandemic, https://apnews.com/hub/coronavirus-vaccine and https://apnews.com/UnderstandingtheOutbreak

Featured Article: Dual Listing



8 EV Stocks To Electrify Your Growth Portfolio

If you are looking for the next hot growth market, a market at the intersection of multiple secular trends, look no further than the EV market. Electric vehicles. It may not sound like much, but the days of EV as a fringe market are over.

Think about this. There is an average of 90 million vehicles sold annually. That’s units, not dollars, total sales of vehicles topped $3.1 trillion in 2019, and the number is expected to grow over the long-term.

The EV market is less than 3.% of global vehicle sales, but it’s growing. EV is expected to account for more than 50% of the total auto-fleet by 2050, and that target could be reached much sooner if battery technology advances.

When it comes to the EV market, it’s a “rising tide lifts all ships” kind of market, but there are still some clear winners to focus on.

View the "8 EV Stocks To Electrify Your Growth Portfolio".


Free Email Newsletter

Complete the form below to receive the latest headlines and analysts' recommendations for your stocks with our free daily email newsletter:

MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security. Learn more.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research. As a bonus to opt-ing into our email newsletters, you will also get a free subscription to the Liberty Through Wealth e-newsletter. You can opt out at any time.