Spain Readies $13.4 Billion Package to Help Pandemic-Hit Firms

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Feb 24 2021, 3:29 PMFeb 24 2021, 4:01 PMFebruary 24 2021, 3:29 PMFebruary 24 2021, 4:01 PM

(Bloomberg) -- Spain will approve an 11 billion-euro ($13.4 billion) package to support struggling companies and self-employed workers, Prime Minister Pedro Sanchez said.

“It’s a significant amount of resources to continue supporting - during the hard weeks that we still have ahead to once and for all overcome the pandemic - sectors that were growing and that were competitive before the pandemic, but that logically now are facing a very difficult situation,” Sanchez told the Spanish parliament in Madrid on Wednesday.

The package will be geared toward the tourism sector, restaurants and bars and other small businesses, Sanchez said, without providing additional details.

He said the measures would be used to “bolster the balance sheets” of the companies and allow them to make necessary investments. The funds will be approved “shortly,” Sanchez said, without providing more guidance on the time frame.