Spain will create a sovereign wealth fund called “Spain Grows” to invest in housing and national security, using EU and private capital.
MADRID: Spain will establish a state-owned sovereign wealth fund to boost investment in housing supply and national security.
Prime Minister Pedro Sanchez (pic) announced the new fund, named “Spain Grows”, on Thursday.
It aims to extend the economic stimulus provided by the European Union’s Next Generation funds beyond their 2026 expiry date.
ALSO READ: Spain’s PM champions immigration as key to economic growth
Those EU funds were pivotal in Spain’s recovery from the COVID-19 pandemic.
Sanchez said the fund will initially draw EUR 10.5 billion from EU sources and EUR 120 billion through private debt.
He added that more details about the fund’s structure and investments will be unveiled next week.
The fund represents a strategic move to secure long-term financing for critical national priorities. – Reuters
