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Madrid will receive finding worth €28.58bn in Cohesion Policy funding as part of the EU’s Structural and Investment Funds over the next seven years following an agreement with Brussels.

Commenting on the adoption of the Partnership Agreement, Johannes Hahn, outgoing European Commissioner for Regional Policy, said: “This investment strategy builds on the important contribution Spain is already making to help the EU meet its goal of sustainable long term development in all its less developed regions. This Partnership Agreement, which covers all Structural and Investment Funds, provides a firm basis to design programmes that will boost competitiveness, enhance innovation, and provide very much needed access to finance for SMEs. The ESI Funds are helping Spain’s regions and cities to face these challenges.”

The agreement with Spain comes at the time as the Commission also signs deals with Croatia and Slovenia for Cohesion Funding. Zagreb will receive €8.6bn in total Cohesion Policy funding over the next seven years, whilst Ljubljana will receive €3.07bn. The financing is in addition to rural development funding and money from Brussels for the fisheries and the maritime sector. Funding for Croatia and Slovenia will be particularly targeted towards innovation and entrepreneurship.