Spain to Spend Most of 11 Billion-Euro Package on Aid to Firms

Spain’s government plans to dedicate around two-thirds of an 11 billion-euro ($13 billion) fiscal package on direct aid to struggling firms, according to an administration official.

Madrid plans to channel around 7 billion euros in transfer payments directly to companies, 3 billion euros toward a restructuring of state-backed loan guarantees and one billion for a separate restructuring fund.

Socialist Prime Minister Pedro Sanchez announced the package last month but didn’t provide details on how the funds would be distributed. Government officials have been hammering out the specifics and are expected to announce the details publicly after an extraordinary cabinet meeting on Friday.

Spanish newspaper El Pais reported the information earlier Thursday.

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