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Spain Expects 69.5B Euros from EU Rescue Funds in 3 Years

MADRID, May 5 (Reuters) - Spain expects to receive 69.5 billion euros ($83.46 billion)from European Union rescue funds in the next three years, Economy Minister Nadia Calvino said on Wednesday in a news conference to explain how the funds will be used.

That is around half of the total 140 billion euros package allocated to Spain.

Thanks in part to the stimulus, which will be directed to finance large projects and recapitalise companies, Spain expects economic output to return to pre-pandemic levels by the end of 2022, Calvino said.

$1 = 0.8328 euros

Reporting by Inti Landauro; Editing by Nathan Allen

Source: Reuters

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