Canary Islands Commercial Sector Modernization Fund

The Canary Islands government has announced a new €4.97 million grant fund aimed at modernizing the local commercial sector.

Targeted Beneficiaries

• Local governments
• Business associations
• Traditional markets in the region

Objectives

• Encourage investments that will turn shopping districts into vibrant cultural and tourist centers
• Create a 'Smart Commercial Destination' through:
  • Digital innovation
  • Infrastructure improvements
  • Sustainability
  • Community integration

Program Details

• Part of the European Union's 2021-2027 funding framework
• Multi-year initiative, allowing beneficiaries to plan projects over several periods
• Applications open immediately with a one-month window for submission via a dedicated online portal

Funding Supports

• Infrastructure upgrades
• Digital transformation
• Cultural promotion

Expected Outcomes

• Boost local economies
• Improve residents' quality of life

Broader Context and Goals

The initiative highlights Spain’s broader push to revitalize regional commerce by blending tradition with modernity, especially in tourism-heavy areas like the Canary Islands.

By investing in these areas, the government aims to:

• Foster sustainable growth
• Create jobs
• Make the islands more attractive to international visitors and residents alike