120 billion euros to increase investments - Spanish Prime Minister Sanchez announces ambitious programming
Spain's prime minister, the socialist Pedro Sanchez, presented a new state investment fund called 'España Crece' ("Spain Grows"), which he estimates will mobilize a total of 120 billion euros, of which about a fifth for the construction of 15,000 homes a year to combat the housing crisis.
Access to affordable housing has become one of the main concerns of Spaniards in recent years, who have seen the average price per square meter double in ten years, according to real estate portal Idealista.
The 'España Crece' fund, whose creation was announced in January by Sanchez, aims to replace the European NextGenerationEU funds, which are expected to expire at the end of the year, after playing a primary role in the country's strong economic recovery after the Covid-19 pandemic.
It will initially draw 10.5 billion euros from EU funds, but aims over time to mobilize 120 billion euros in "public and private investment," around "7% of Spanish GDP," as Sanchez said.
In total, the new fund will dedicate "up to 23 billion euros" to housing alone with the aim of building "15,000 homes per year" to address the "housing crisis", he said.
However, he did not specify the time horizon of these investments.
The new funds are also expected to mobilize investments in energy, digitalization, Artificial Intelligence or even security, according to the government, after Sanchez had spoken in January of an "exercise of national sovereignty".
Spain was one of the two countries that benefited the most from European funds for post-Covid recovery, receiving around 160 billion euros in the form of grants and loans.
This very significant amount allowed massive support for activity in the country, where growth reached 2.8% in 2025, almost double that of the eurozone.
For 2026, the left-wing Spanish government expects GDP growth of 2.3%, as Sanchez explained.
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