Vélez-Málaga Council has submitted a request for a €1,081,000 loan under the Fund for the Modernisation of Tourism (FOMIT) provided by the Ministry of Industry, Tourism and Trade, having missed out last year due to an administrative error.
The Council missed out on a sizeable amount of potential funding last year after the financial institution responsible for preparing documentation and following up on the requests failed to meet the required deadline. A new company has now been hired to avoid this happening again.
The loans are are repayable over 15 years and have an interest rate of just 0.5%, making them very attractive to local authorities.
Of these funds, €600,000 will be used to meet the Council’s obligations to the Art Centre project in 2010, €75,000 is for improvements to the promenade in Torre del Mar, €240,000 is for the management of the Cerro area and €166,140 is destined for the provision of equipment relating to tourism in various municipal buildings.