Business & Economy

Spain has absorbed 50% of current European structural funds

Madrid, Mar 25 (efe-epa).- Spain’s Minister of Finance María Jesús Montero on Thursday said the country had absorbed 50% of its allocated European Union structural and investment funds for the 2014-20 period, which can be spent until 2023.

During a forum organized by Efe with the participation of consulting firm KPMG, Montero defended Spain’s ability to absorb the funds in the face of its “bad reputation” of having one of the lowest absorption rates in the European Union.

The minister said Spain’s execution of financial plans had always exceeded 99% since joining the bloc.

Montero added that the funds’ absorption was at 15% in 2018, when Pedro Sánchez took over as the country’s prime minister, and had since increased to 50%.

KPMG Spain’s head of infrastructure, transport, government and health Cándido Pérez Serrano underlined that the “enthusiasm, desire and interest” of Spanish society when proposing projects are what transforms the economy with the support of European funds.

KPMG stressed that the keys to success were about “perfecting the projects, having them ready, and planning how they are going to be carried out.”EFE-EPA


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