Spanish government readies $170 billion investment with EU funds: El Pais

FILE PHOTO: Clouds pass over business district buildings in Madrid, Spain June 4, 2018. REUTERS/Sergio Perez

MADRID (Reuters) - The Spanish government is readying a 150 billion euro ($170 billion) investment plan to kick-start the economy, ravaged by the coronavirus epidemic and the related lockdown, newspaper El Pais reported Tuesday, citing an internal document.

The public investment plan is part of a report Spain will send to its European Union partners to explain what it will do with EU recovery funds, El Pais reported.

The government expects Spanish private companies to invest as much as 500 billion euros in the local economy in the wake of the coronavirus crisis, the newspaper added, quoting the document.

Spain is due to receive about 140 billion euros from the EU recovery fund.

Prime Minister Pedro Sanchez’s office did not comment on the report from El Pais.

Reporting by Inti Landauro and Belen Carreño; Editing by Alex Richardson