In 2021-2027, Spain will benefit from €37.3 billion in Cohesion Policy funding to accelerate the country's green transition, finance innovation and digitisation, increase the employment rate and improve local social services. The strategy and details for these investments are set out in the Partnership Agreement between Spain and the Commission.

The strategy will mainly focus on less developed regions: 50% of the funds will be allocated to investing in Andalusia, Extremadura, Castilla-La Mancha, Ceuta, and Melilla. For its part, the Canary Islands, as an EU Outermost Region, will receive an additional allocation of €673 million to tackle the socio-economic consequences of its remoteness from the EU mainland.