REACT EU supports Spanish SMEs and regions in their recovery
Under REACT-EU, the European Commission has granted €3.7 billion for of Spain’s recovery and digital and green transition.
Funding is a combination of European Regional Development (ERDF) funds and the European Social Fund (ESF).
A breakdown of the funding is as follows:
- €1.64 billion in Andalusia of ERDF and ESF funding will provide capital to 57,000 SMEs
- €68.2 million from the ERDF will be invested in health services and products in response to the coronavirus pandemic in Asturias, improving teleworking conditions and digital public services
- €278.5 million in the Basque country will help buy new health equipment and medicines, testing and treatments
- €79.4 million in Cantabria from the ERDF will support the acquisition of new health products and services
- €406 million In Castilla – La Mancha of ERDF and ESF to reinforce health and social services
- €275.5 million in Castilla y León of ERDF funding will improve health infrastructure and investment in the digital transition
- €893.3 million of ERDF funding will support buying health equipment, medicines and testing and treatment facilities
- €7 million in Ceuta of ESF funding will support incentives to permanent contracts or turning temporary contracts into permanent ones
- €3.7 million in Melilla will be invested in the transition towards a digital and green economy through actions to facilitate open data for SMEs
- €40 million in La Rioja from the ERDF will support investments in medical, pharmaceutical and research material
Discussing the funding, Commissioner for Cohesion and Reforms, Elisa Ferreira said: “REACT-EU is crucial for the recovery of the economy following the coronavirus crisis. Spain is doing a tremendous job by mobilising these resources for much needed investments aiming at a rapid, strong and convergent recovery as well as a fair and balanced transition towards a digital and green economy.”
REACT-EU will continue to support labour market resilience, jobs, SMEs and low-income families, as well as creating a basis for the green and digital transitions.
Read the full press release on the role of EU funding in the Spanish economy here.