MercoPress. South Atlantic News Agency

EU 9 million Euros, in 6 years, funding for Gibraltar

Gibraltar will benefit from over 9 million Euros in EU funding over the next six years to invest in projects aimed at fostering sustainable and diversified economic growth reports the Gibraltar Chronicle.

The sum is significantly lower than in the preceding six-year programme because of the impact of EU enlargement, which means the pot is shared between more countries. But at a formal presentation this week, officials said this latest round of European money would continue to create valuable opportunities for Gibraltar to strengthen its economy in line with wider EU environmental and social objectives. The money will be available to help co-finance both public and private sector projects that meet certain criteria under EU law. Among other areas, the focus will be on small and medium-sized businesses and the use of IT to generate employment and support innovative business ideas. The new programme will also promote environmental initiatives and the regeneration of derelict areas, particularly to grow tourism. Skills and training will also form a key element of the agenda, with funds available to help tackle unemployment by developing entrepreneurial and vocational skills. The funds made available by the EU must be matched by the Gibraltar Government and the private sector, and previous programs have shown that the system works. Gibraltar has already benefited hugely from EU funds and has received around £18.5m since 1994, when the scheme was first implemented. At the launch of the 2007-2013 program Gibraltar Deputy Chief Minister Joe Holliday said European money had allowed the government to carry out projects and invest faster than might otherwise have been possible. By way of example he said the beautification of the city centre and areas such as Orange Bastion were all made possible through co-funding schemes with the EU. Likewise the private sector has benefited too. According to Mr Holliday, in the last six-year programme EU funding has had an impact on 266 jobs, including the creation of 145 new full-time posts. The presentation was attended by a senior European Commission official, José Palma Andres, director of the Regional Policy directorate in Brussels. Guy Flament, the directorate's desk officer for Gibraltar, was also present. "In a small economy like Gibraltar, it is clear that [EU] funds add value to the government strategy and act as catalysts for every sphere of the economy," Mr Palma Andres said. "EU funding has been a means of strengthening government policies, bringing projects to fruition sooner and stimulating private sector investments." "I thus believe that Gibraltar can bank on the achievements of the previous programming period and seek to expand the local economy and its competitiveness in the forthcoming years." Mr Palma Andres described Gibraltar as "a small but determined economy" and added: "Gibraltar needs Europe's solidarity, but it is clear that above all, Europe needs a successful Gibraltar".