Renove Tourism Plan 2009

As part of Spains "Plan E" economic stimulus package, and in line with Spains 2008-12 tourism plan which seeks to establish a competitive and sustainable tourism sector by 2020, the Renove Tourism Plan aims to help rebuild Spains tourism sector along more sustainable lines. The Plan offers low-interest loans in partnership with Spains Official Credit Institute (ICO) for tourism sector companies to undertake renovation and improvement, including measures that improve energy savings or the implementation of environmental quality management systems. Up to 90% of investment costs will be financed, to a maximum of EUR 1 million (varies according to amortisation period chosen), and with a fixed interest rate of 1.5%. In February 2009, the initial EUR 400 million earmarked for the plan was exhausted, and an additional EUR 600 million allocated.

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