Spain will add some 13.3 billion ​euros ($15.5 billion) in funding to its newly ⁠created sovereign ⁠wealth fund to extend the stimulus from ​expiring European ​Union funds, ⁠the government announced on Tuesday.

The injection and activation of the fund, approved by the cabinet at its weekly meeting, involves 10.5 billion euros ⁠in loans ⁠and 2.8 billion euros from non-repayable grants, all coming from Next Generation EU funds.

The government expects the mechanism, called "Spain Grows," to ⁠mobilize around 120 billion euros in productive investment when ​coupled with private funding.

It will ​prioritize sectors with high ⁠transformative potential ‌for ‌the economy, such ⁠as the construction ‌of affordable rental housing, ​green transition and ⁠technological innovation.