Spain Earmarks 2.5 Billion Euros to improve Tourism Industry

24 Sep 2020 2:30 PM
Image collected
Spain’s federal government will allocate 2.5 billion euros ($2.8 billion) to aid tourism, extending its initiatives to protect key elements of the economy.

The new line of credit for tourism comes a time after Prime Minister Pedro Sanchez offered a 3.75 billion-euro stimulus deal for the automotive sector. The two sectors take into account about 22% of Spanish gross domestic product.

Spain’s authorities will allocate 2.5 billion euros ($2.8 billion) to aid tourism, extending its initiatives to protect key elements of the economy.

The new line of credit for tourism comes a evening after Prime Minister Pedro Sanchez provided a 3.75 billion-euro stimulus package deal for the automotive market. The two sectors take into account about 22% of Spanish gross domestic product.

Spain’s government is usually pumping in aid amid forecasts from the central bank that the market could shrink up to 15% in 2020. The most recent measure is the main fifth and last tranche of guaranteed lines of credit the federal government approved Tuesday. They total 15.5 billion euros, with about 50 % of the total amount earmarked for little and moderate enterprises and self-utilized workers.

Tags