Over ‘1 Billion’ Euros coming to the Canary Islands.

I am pleased to announce that the Canary Islands have won an unbelievable cash injection of 1,170 million euros from Europe, with a view to helping small to medium sized businesses, along with new
technology, the environment -and also transportation throughout the islands. The money has been allocated for the next five years, up until 2020, and was formally approved by the EU executive on August 14th, following lengthy negotiations started by the former president of the Canary government, Paulino Rivero. Extremadura will also receive 849.1 million euros under the same package. Corina Cretu, the EC Commissioner for regional policy, quoted: “I hope the programmes have a real impact on the economic prospects of these two regions, creating new jobs and highly qualified ones as well in the field of research and development.”

Out of the total budget of 1,170 million euros, 280 million euros (almost one quarter) will go towards strengthening investment in both research and development, along with supporting small to medium sized businesses. The remainder (890 million euros) will be used for specific measures, including promoting social inclusion and respect for the environment. The programme also includes increased connections for the archipelago, such as improving and updating transport services. A pledge has also been made to confirm that every single person in the Canary islands has access to broadband -and that at least 33 percent of all enterprises will be able do business on line. The minister for finance for the Canaries, ‘Rosa Dávila’ described the EU agreement as “Great news”, adding that the money would greatly improve competitiveness.