Sanchez announces new €11 billion fund for tourism, hospitality and small businesses

Madrid President Accuses Sanchez Of ‘Harassment’

Prime Minister Pedro Sanchez. Image: Twitter

Sanchez announces new €11 billion fund for tourism, hospitality and small businesses.

SPAIN’S President Pedro Sanchez said the government “will approve an additional package of €11 billion to continue supporting companies, SMEs and the self-employed”.

In this way, he said, “we will strengthen their solvency so that they can start the recovery in full capacity. We have the vocation to leave no one behind and always look ahead.”

The government hopes the rescue package will provide a lifeline to those employed in the tourism and hospitality sectors, and small businesses.

In a speech at the Congress this morning, Wednesday, February 24, Sanchez said that these resources will seek to “strengthen the solvency of the balance sheets”, facilitate the return of the sectors’ activity, and allow for “the necessary investments” to be made for the hiring of workers.

Sanchez highlighted the fact that, since the beginning of the pandemic, the government has committed 20 per cent of GDP resources in an exercise of protection never seen before, which he said included funding ERTE and transfers of financial support to autonomous communities.

“The payment of ERTE salaries and benefits alone amounts to some €40 billion of direct aid,” he said, adding that €24 billion of aid has been given to autonomous communities to reinforce healthcare among other things.

Sanchez assured that the creation of “quality employment” will be one of the main eligibility criteria of all the projects of the new Recovery, Transformation and Resilience Plan, and estimates around 850,000 jobs will be created in the next three years.

During this period, the President said that the country will receive around €80 billion in direct transfers, out of a total of €140 billion within the recovery programmes agreed in the European Union to face the crisis caused by the Covid-19 pandemic.

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Tara Rippin

Tara Rippin is a reporter for Spain’s largest English-speaking newspaper, Euro Weekly News, and is responsible for the Costa Blanca region.
She has been in journalism for more than 20 years, having worked for local newspapers in the Midlands, UK, before relocating to Spain in 1990.
Since arriving, the mother-of-one has made her home on the Costa Blanca, while spending 18 months at the EWN head office in Fuengirola on the Costa del Sol.
She loves being part of a community that has a wonderful expat and Spanish mix, and strives to bring the latest and most relevant news to EWN’s loyal and valued readers.

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