US President Donald Trump has turbocharged calls for the European Union to bolster its defences by casting doubt on Washington's central role in NATO and making overtures towards Russia on Ukraine.
"The government will launch a major national plan before the summer for the development and promotion of Spanish security and defence technology and industry," Sánchez said during a debate in parliament.
Spain dedicated 1.28 percent of its annual economic output to defence last year, according to NATO figures, well short of the alliance's longstanding two-percent benchmark and less than all other members.
Sánchez has vowed to bring forward a 2029 target date to hit the two-percent mark, but during the debate in parliament, he remained vague about the timetable.
READ ALSO: Is Spain's Nato defence spend really as low as Trump claims?
The Socialist leader said the defence plan will build on the experience gained in recent years with the EU's post-Covid recovery scheme, which was financed through common borrowing.
He did not provide further details.
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His minority government faces stiff opposition at home from left-wing allies who fear increased military spending will slash funds for social programmes.
"There will be no detriment to the welfare state; we will not touch a cent of social spending," Spain's PM told his critics.
The head of the main opposition conservative Popular Party, Alberto Núñez Feijóo, blasted Sánchez for the lack of details.
"What will the deadlines be? How much will we spend each year? Where will this money come from?" he said.
READ ALSO: 'Licking US boots' - Spain divided over calls to raise defence spend
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