Palma de Majorca.—The Conference Centre on the Paseo Maritimo in Palma won't be allocated any public funding next year or in 2013, Ignacio Jiménez the Managing Director of the Palau de Congresos S.A., said yesterday.

Speaking at an Accounts Committee meeting, Jimenez said that neither will the project receive 30 million euros of funding from 2011 which had at one time been earmarked for it. Jimenez explained that the Balearic government is negotiating financing from six separate banking organisations under favourable terms. One of the advantageous conditions is that the government will not have to start returning the money until 2014 when the management company of the Congress Centre will be starting to pay business tax and rent for the premises .

Jimenez said that the Congress Centre and the hotel alongside it will be completely finished with all fixtures and fittings installed by January 2013. There are currently 117 men working on site and in March there will be more than 200, he confirmed. “The construction company Acciona is not stopping work,” he said.

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