Francina Armengol, President of the Government of the Balearic Islands.

Francina Armengol, President of the Government of the Balearic Islands.

01-07-2020YouTube

The Government’s Economic & Social Recovery Plan includes a series of measures that will require short-term investment to the tune of 619 million euros.

The agreement has been structured into 131 measures within 10 axis of work, to adapt society to the needs arising from the crisis caused by Covid-19.

A third of the 619 million euros will be used to reinforce the systems used to cope with the pandemic and its possible evolution.

Health security is the first axis of reactivation in the plan with 220 million euros destined to be used in the fight against coronavirus.

In the second axis the main objectives include quality employment, training and business development and expanding financing for companies with ISBA loans to 200 million euros.

A budget of more than 225 million euros has been set aside for emergency measures to prevent unemployment, reactivate the self-employed, vocational training and the fight against Covid-19.

The third axis is the circular economy and a new model of proximity consumption which will require an investment of 8.6 million euros.

The fourth axis is knowledge and innovation of the economy and includes actions such as the reinforcement of technology parks, with a budget of 16.2 million euros.

The modernisation of industry and traditional sectors are addressed in the fifth axis and will have a budget of 16 million.

The sixth axis covers energy transition and the green and blue economies and will have a budget of 66 million.

Tourism is addressed in the seventh axis with promotional campaigns and the promotion of strategic segments for diversification, but no budget has been allocated as yet.

The Urban Agenda, sustainable mobility and "real access to housing" are contained in the eighth axis. 25 housing promotions, official protection, the reconversion of obsolete buildings into VPO, social health use and use associated with innovation are planned, but no budget has been confirmed.

The ninth axis is cultural and creative industries and will have a budget of 9.9 million euros.

The tenth axis addresses the modernisation of Institutions and has a budget of 6 million euros for this year.

The Government estimates that all the actions included in the plan will require investment of close to 3 billion euros.

Signing of the Pact

At the signing of the 'Pact for the Reactivation and Economic and Social Diversification of the Balearic Islands’, Francina Armengol, President of the Government offered words of remembrance for those who have lost relatives to coronavirus and those who suffered from the disease and thanked all residents of the Islands for their efforts.

She pointed out that the Plan is committed to the diversification of the Balearic economy and mentioned that efforts will have to continue in Health Care to deal with coronavirus at the beginning of the next school year.

Economic & Social agents, Councils, Town councils, Political Parties and other entities were present at the signing of the Pact, along with the Vice President and Minister of Energy Transition, Juan Pedro Yllanes; the Minister of Finance, Rosario Sánchez; the Minister of Economic Model, Tourism and Work, Iago Negueruela; the Minister of Social Affairs and Sports, Fina Santiago, and the Minister of the Environment and Territory, Miquel Mir.

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