Spain to create more than 800,000 jobs in 3 years

MADRID: Spain plans to create over 800,000 new jobs in the next three years with aid it will receive from an EU rescue plan to help the virus-battered economy, Prime Minister Pedro Sanchez said on Wednesday.
The country will use the 140 billion euros ($165 billion) in aid from the European Union between 2021 and 2026 to boost its economy, which has been hit hard by the Covid-19 pandemic, he said, unveiling the government rescue plan. This plan should be considered “a road map for the modernisation of our country in the next six years” which aims to “transform the hard blow of the pandemic into an enormous opportunity,” Sanchez said.
Spain will use a first block of 72 billion euros between 2021 and 2023 to finance “projects which can be executed in three years and which favour the modernisation and the creation of jobs,” he added.
Nearly a third of the all the money received from the EU will go towards the economy’s digital transformation while over 37 per cent will be used to transition to greener energy sources in alignment with targets set by the European Commission. The pandemic has pulverised Spain’s tourism-dependent economy, with the government warning that GDP would fall by 11.2 per cent this year, down from a previous prediction for a 9.2per cent decline.