EC cash fund for Spain set to run dry in 2008

22nd April 2005, Comments 0 comments

22 April 2005, BRUSSELS - Spain will continue to receive European Commission cash help until 2008, under a new plan.

22 April 2005

BRUSSELS - Spain will continue to receive European Commission cash help until 2008, under a new plan.

Spain will carry on receiving money from the EC Cohesion Fund - dedicated to helping poor nations - for three more years from now.

It will be part of a change in EU funding between 2007-13 in which poorer members of the EC, mainly from Eastern Europe, who joined last year, will start to get more money.

Spain was initially expected to receive EUR 12 billion between 2000-2006, but this total may be cut by EUR 1 billion.

But Madrid is heading for a row with the EC, which has not budgeted to provide any financial support for Spain after it stops receiving annual Cohesion Fund help after 2007.

Under a new EC plan, Spain should be entitled to a 'transition period' from receiving full Cohesion Fund cash to when the money stops.

This period will be between 2007-08, during which Spain will receive a percentage of the former amount to be agreed by the EC. 

[Copyright EFE with Expatica]

Subject: Spanish news

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