Tourism Renove Plan

New ICO financing line intended for small and medium size enterprises in the tourism sector. It offers advantages (90% of an investment of up to 1 million Euros at 1.5%, to be returned in up to 12 years) for the renewal and refurbishment of infrastructures for tourism. This financing line amounts to 400 million Euros for 2009.

It will finance those investments contributing to increasing of the quality and added value of products; those contributing to improving the sustainability of the different premises, in particular, those contributing to energy saving and to preserving and enhancing the environment; it will also finance those investments aimed at implementing quality systems, at improving accessibility and at implementing new technologies.

Beneficiaries

All types of hotels and boarding houses for tourists, restaurants, travel agencies and complementary offer. The construction sector will benefit from an increase of refurbishment activities, companies will also improve their competitiveness and society will benefit from the improvement of quality and from a sustainable tourism model.

Development

It is under development. Next 16 January, the Council of Ministers will approve of the transfer of 400 million Euros to the Official Credit Institute- ICO. The agreement between the State Secretary for Employment-SET and the ICO will be signed next 19 January and the applications might start to be submitted that very week. It will remain in force until next 31 December 2009 or until the funding is over.