Qatar will invest $5 billion in projects in Spain, Emir Sheikh Tamim bin Hamad Al-Thani said on Tuesday at a dinner held in his honor in Madrid.
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Spain's Prime Minister Pedro Sanchez said that Al-Thani told an audience at a dinner held in King Felipe's Palace that the amount underscored Qatar's confidence in the Spanish economy's strength. "This is without a doubt a show of confidence not only toward the Spanish economy, but also toward Spanish companies," he added.
Qatar's ruler, who is visiting Spain this week, is expected to sign a bilateral agreement with Spain to invest in projects funded by the European Union COVID recovery funds, the first such agreement between a member state and a non-EU country.
The investments, mainly in technology and environmental projects, are due to be implemented within two to three years, according to government sources.
Spain, the main recipient of EU funds, has scrambled to get support from private and foreign investors to speed up its recovery from the record 11% contraction it suffered in 2020 as a result of the pandemic.
