Canary Islands' Strategic Grants Plan (PES) Update 2024-2026

Overview

The Canary Islands’ Department of Economy, Industry, Commerce, and Self-Employed Workers has approved an eighth modification to its Strategic Grants Plan (PES) for 2024-2026.

This update introduces a new €2 million investment line aimed at strengthening local entrepreneurs and fostering business growth and sustainability. The move highlights the government’s efforts to streamline and improve support for small and medium-sized enterprises amid a challenging economic environment.

Key Details

• The adjustment follows a series of previous modifications throughout 2024 and early 2025, reflecting a commitment to adapt resources to emerging needs.
• The new funding will be used to finance initiatives that enhance competitiveness, sustainability, and business creation across the islands.
• The boost addresses the previously unallocated part of the 2025 budget, which had not yet been linked to specific projects.

Funding Allocation

• The ‘Support for the Consolidation of Canary Islands Companies’ initiative will benefit from this €2 million budget increase.
• An additional €500,000 is expected from a credit generation process.

Strategic Focus and Implementation

"This latest update demonstrates the government’s strategic focus on economic diversification and resilience, providing vital resources for local businesses to thrive."

• The new plan will be published officially and takes effect immediately.
• It signals a proactive approach to regional economic development.

Summary

Overall, this modification underscores the government’s ongoing efforts to support and develop the local economy, emphasizing resilience, innovation, and growth within the Canary Islands.