Spain said it has received its first tranche of funds amounting to nine billion euros from the European Union's multi-billion-euro coronavirus fund.

Spain along with Italy will receive the lion's share of the 750bn euros earmarked by Brussels to relaunch Europe's economies that have been devastated by the Covid-19 epidemic.

“This first tranche represents 13 per cent of the 70bn euros in subsidies which Spain will receive” between now and 2025, the Spanish government said in a statement.