The EU has approved a recovery plan (Next Generation EU) for an amount of €750.000m which purpose is to mitigate economic and social damages caused by the pandemic and to transform the economy with the ecologic and digital transition as drivers of the change. This specific initiative, together with other European financing instruments, such as the “Multiannual Financial Framework 2021-2027” (€1,074,000m), aims to palliate damages caused by the Covid-19 and transform the European economy.
The Next Generation EU fund comprises two complementary instruments:
- The “Recovery and Resilience Facility” (RRF) with €672,500m. These funds are expected to start arriving from spring of 2021. To date, Spain has been allocated with RRF grants for an amount of €43,480m (between 2021 and 2022) and €15,686m (in 2023).
- The “React the European Union” (REACT-EU) with €47,500m, as an additional programme within the field of the 2014-2020 operating programmes of the European Regional Development Fund (ERDF) and the European Social Fund (ESF).
Purpose: to face the pandemic’s socioeconomic aftermath, while promoting the digital and ecologic transformation and productive fabrics.
Challenge: it will be necessary for the public administrations and businesses to be prepared to channel and raise European funds, as well as to manage and carry out projects.
At least 60% of amounts to be awarded as grant and as some categories of budget guarantees must be committed by the end of 2022.
Objectives of the RRF
A common objective shared by companies and administrations
Private Sector Services
Public Sector Services
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