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Business

Spain asks EU for $90 billion in loans ahead of July election

Nadia Calvino Spain Euro Commission the European Commission the European Investment Bank Economy Covid-19 PP

FILE PHOTO: A worker seals a ballot box at a polling station, ahead of the local and regional elections in Spain on Sunday, in Ronda, southern Spain May 26, 2023. REUTERS/Jon Nazca

Spain has asked the European Commission for 84 billion euros ($90 billion) in loans from the bloc's COVID-19 recovery package, a quarter of which will be managed by the European Investment Bank, Economy Minister Nadia Calvino said on Tuesday.

The EIB will administer about 20 billion euros worth of loans destined for the governments of Spain's autonomous regions, Calvino told a news conference, meaning the funds will not be directly controlled by the Spanish government.

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