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Date Published: 08/12/2021

ARCHIVED - Spain invests 720 million euros in the tourism sector

ARCHIVED ARTICLE

The aid will be invested in heritage sites throughout Spain as well as innovations in the industry

<span style='color:#780948'>ARCHIVED</span> - Spain invests 720 million euros in the tourism sector

The government announced this week a new aid package worth 720 million euros to aid the recovery and modernisation of the tourism industry in Spain. The Minister of Industry, Commerce and Tourism, Reyes Maroto, said the funds represent and “ambitious safety net” as the country’s economy builds following the impact of the coronavirus pandemic.

Rehabilitation of historical heritage

The Ministry has agreed to grant 109.8 million euros in direct subsidies to autonomous communities and local groups for the maintenance and rehabilitation of historical heritage sites in a bid to attract more visitors.

Specifically, 62 million euros will be allocated to the Camino de Santiago, 2.7 million to the Ignatian Way of Manresa and 45 million euros will be divided amongst the 15 World Heritage Cities.

Innovative projects of tourism companies

The Fund for the Competitiveness of Tourism Companies (FOCIT) is a new initiative, currently endowed with 565 million euros, which is aimed at financing company projects that improve the competitiveness of the tourism sector.

Any self-employed business people or companies in the sector that develop innovative projects involving energy efficiency, digitisation or improving accessibility will be entitled to special financing in the form of a loan.

Aid for the naval sector

Up to 20 million euros will be made available to the shipbuilding sector annually to finance research and development. According to Minister Reyes Maroto, the funds are aimed at “the development of projects that are innovative and unique, making us leaders in sectors, for example, such as offshore wind energy support vessels.”

Image: Archive

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