Canary Islands' Government Update on Cooperation Agreement

Overview

The Canary Islands' government has officially published a key update to its cooperation agreement with local chambers of commerce across the islands. The agreement focuses on managing and distributing grants aimed at boosting business competitiveness, sustainability, and growth.

Facing a surge in applications and increased funding allocations, the government is now modifying the original deal to better reflect the higher volume of requests and larger budgets.

This update, signed on June 20, 2025, clarifies how funds will be paid out to the chambers and adjusts the parameters for managing the projects.

Key Changes

• Allows for a one-time transfer of over 20 million euros to four local chambers:
  • Tenerife
  • Gran Canaria
  • Lanzarote
  • Fuerteventura
• Ensures smooth distribution of support to small and medium-sized enterprises.

Impact for Residents

These grants can help local companies innovate, expand, and become more sustainable, which ultimately strengthens the island economies and creates new job opportunities.

The updated agreement aims to streamline the process, accelerating aid distribution in response to rising demand.

Objectives

• Allocate additional funds effectively
• Clarify procedures for fund distribution
• Foster a more competitive and resilient business environment