The European Investment Bank Group signed legal agreements with the Spanish Ministry of Economy, Trade and Enterprise to implement financial instruments under the Regional Resilience Fund (Fondo de Resiliencia Autonómica — FRA), as part of the loan component of the Spanish National Recovery and Resilience Plan (NRRP).
The implementation of the Regional Resilience Fund will follow a phased approach to adapt finance products to meet the market demand and the needs of the Autonomous Communities.
The first phase includes the deployment of two financial instruments managed by the EIB:
- A Direct instrument to co-finance EIB-supported operations in sectors such as renewable energy, clean transport or sustainable infrastructure, among others.
- An Intermediated instrument to be invested by financial intermediaries selected by the EIB in support of urban development and sustainable tourism projects.
The implementation of the two financial instruments will be coordinated between the Ministry of Economy, the Autonomous Communities, and the EIB. The Autonomous Communities will participate in the Fund through the Investment Boards that are the governing bodies of the EIB financial instruments.
These instruments are part of the RRF financial instruments that the EIB is deploying in EU countries. Read more about our Recovery and Resilience Facility and financial instruments.
How you can benefit
Under this instrument, RRF resources will co-finance operations supported by the EIB that meet the eligibility criteria of the instrument. Supported projects will receive EIB and RRF financing.
The EIB will apply its internal policies, processes and procedures, including project appraisal. EIB direct financing does not constitute part of the instrument. You can find more information on EIB funding in the dedicated section.
The Investment Board, appointed by the Kingdom of Spain, will take the final decision on whether funding is provided to a project.
The instrument can provide financing in the Priority Investment Areas consistent with the objectives of the following components of the Spanish National Recovery and Resilience Plan (NRRP):
- energy transition
- sustainable transport (components 1 and 6).
- care economy (components 18 and 22).
- research, development and innovation
- sustainable tourism
- social and affordable housing and urban regeneration
- water management
- waste management
- competitiveness of industries and small/medium-sized businesses
Additional criteria will apply, among others:
- Financing agreements with final beneficiaries must be signed by no later than 31 August 2026.
- All projects must comply with the Do No Significant Harm (DNSH) Principle, as indicated in the DNSH Technical Guidance (C/2023/111) and further detailed in the Council Implementing Decision (CID) amending the Original Spanish National and Resilience Plan, dated 16 October 2023.
- Financing shall not be used to refinance an outstanding loan or to support final beneficiaries receiving funding from other EU instruments to cover the same costs.
- Investments must be economically and financially viable.
Final beneficiaries are eligible public and private entities and/or entities developing public-private initiatives, entitled to implement and operate eligible projects in the territory of Spain.
Potential final beneficiaries:
- must have recently obtained financing from the EIB; or
- must be in the process of obtaining financing from EIB; or
- plan to request EIB financing.
Only those final beneficiaries receiving EIB financing can also obtain loans under the Direct instrument.
Final beneficiaries must develop eligible projects in the national territory of the Kingdom of Spain.
Check with our team how you can benefit from RRF financing.
Under this instrument, resources are channelled (as senior debt, quasi-equity and equity products or a combination thereof) to final beneficiaries by financial intermediaries selected and monitored by the EIB.
Interested financial intermediaries are encouraged to consult the Call for Expression of Interest.
The instrument will be entitled to provide financing in the Priority Investment Areas consistent with the objectives of the following components of the Spanish National Recovery and Resilience Plan (NRRP):
- social and affordable housing and urban regeneration: for example construction and rehabilitation of social and/or affordable housing; rehabilitation of public buildings; urban development and regeneration of the urban environment, through actions such as bringing new land or disused spaces into use, as well as the construction and/or refurbishment (as appropriate) of buildings or infrastructure and equipment for commercial, educational, cultural, tourist or sport purposes, among others.
- sustainable tourism: for example transformative actions in the tourism sector involving green transition, digital transition and tourism competitiveness; boosting the digitalisation of tourism companies; investments in the maintenance and rehabilitation of historical heritage for tourism use and in the improvement of commercial areas with an impact on tourism activity.
Additional criteria will apply, among others:
- All projects must comply with the Do No Significant Harm (DNSH) Principle as indicated in the DNSH Technical Guidance (C/2023/111) and further detailed in the Council Implementing Decision (CID) .
- Financing shall not be used to refinance an outstanding loan or to support final beneficiaries receiving funding from other EU instruments to cover the same cost.
- Investments must be economically and financially viable.
Additional details regarding the eligibility and the main terms and conditions of the financing can be found in the Call for Expression of Interest.
Final beneficiaries are private or public-private entities that develop a project focused on sustainable urban development and/or tourism. Final beneficiaries must also fall under the instrument’s eligibility criteria.
Final beneficiaries must develop eligible projects in the national territory of the Kingdom of Spain.
Interested potential final beneficiaries are welcome to contact the selected financial intermediaries directly, once the selection process has been finalised.
About the Recovery and Resilience Facility in Spain
The COVID-19 pandemic brought about disruption in our societies and economies. The Recovery and Resilience Facility (RRF) is the centrepiece of the NextGenerationEU package to back a speedy recovery across all EU member states.
The Kingdom of Spain defined a National Recovery and Resilience Plan, consisting of a set of investments and national reforms to be financed through RRF, with milestones and targets laid out by the Spanish authorities and agreed with the European Commission.
Spain and the EIB
