Spain Earmarks 2.5 Billion Euros to Boost Tourism Industry
(Bloomberg) -- Spain’s government will allocate 2.5 billion euros ($2.8 billion) to support tourism, extending its efforts to protect key parts of the economy.
The new credit line for tourism comes a day after Prime Minister Pedro Sanchez presented a 3.75 billion-euro stimulus package for the automotive industry. The two sectors account for about 22% of Spanish gross domestic product.
“We took special care of tourism companies,” government spokeswoman Maria Jesus Montero said Tuesday, adding that “they have received the biggest part of the credit lines” approved by the government.
Spain’s government is pumping in aid amid forecasts from the central bank that the economy could shrink as much as 15% in 2020. The latest measure is part of the fifth and final tranche of guaranteed credit lines the government approved Tuesday. They amount to 15.5 billion euros, with about half of the amount earmarked for small and medium enterprises and self-employed workers.
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