Vélez-Málaga Council Secures €5M Loan

VÉLEZ-MÁLAGA’s City Council secured a €5-million loan with BBVA for diverse investments across the municipality. Manuel Gutiérrez, the Finance Councillor, highlighted its significance, emphasising the direct impact on residents’ lives. The loan, part of the 2023 budget, targets ongoing and future projects, such as refurbishing the Lope de Vega and Torre del Mar theatres and developing the Torrox road.

Investment Breakdown: Key Allocations from Vélez-Málaga’s €5 Million Loan

Key allocations include €869,258 for Lope de Vega, €1.2 million for the Torre del Mar theatre, and €300,000 for an adjacent building. Funds also support vital initiatives like the Torrox road (€262,759), a new Senior Centre (€196,151), and street re-development (€600,000). Gutiérrez clarified the loan specifics—a 15-year term with an interest rate of Euribor plus 0.52 per cent.

Council Unity & Future Prospects: Vélez-Málaga’s Strategic Loan Extension

David Vilches highlighted the Council’s unity and the loan extension from €4 million to €5 million for 2023, aiding more projects like Torre del Mar‘s comprehensive re-development and the Pantalán venture. Despite differences, the government remains committed to enhancing Vélez-Málaga’s future.

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