Brussels unlocks new funds, recovery loans for Spain

Spain is set to receive a total of $172 billion of European Union pandemic recovery funds after Brussels announced the approval of the country's request for $93.71 billion in relief loans and RePowerEU financing. Spain had been allocated $73.2 billion in grants, and will receive an additional $8.1 billion after a recalculation, plus another $2.74 billion to offset the energy price shock in the wake of Russia's invasion of Ukraine.