Canarian Government Proposes New Development Fund
Santa Cruz de Tenerife, 14 July – The Canarian Government and local councils are working together to create a new Canarian Development Fund (FDCAN) aimed at investing over €2.6 billion from 2026 to 2036.
President Fernando Clavijo announced the initiative following a meeting with the Canarian Federation of Municipalities (FECAM). He emphasised that the involvement of the 88 councils will be crucial in shaping the fund’s direction, stating, “Canarias is built from the ground up, through municipalism, from the island and the Canarian nation.”
Clavijo noted the positive outcomes of the fund’s first ten years, attributing its success to the collaboration with local councils. He expressed gratitude for FECAM’s constructive approach in discussing the new fund’s distribution criteria.
Going forward, the focus will shift to addressing challenges such as housing and healthcare infrastructure. Clavijo assured that councils will have a significant role in deciding which projects are pursued in their areas.
“The goal is for all municipalities, alongside the seven island councils, to implement effective programmes. We aim for another decade of results similar to the fund’s initial phase,” he commented.
Next week, the FECAM leadership will attend a conference with the councils to finalise the new development fund.
FECAM President Mari Brito highlighted that the existing fund is crucial for fostering development and enhancing socio-economic cohesion across the islands. She underscored the importance of local councils in both the design and execution of the fund, advocating for equitable management and distribution of resources.
Brito called for secure guarantees to ensure all municipalities receive their fair share of funding, emphasising the necessity of continued dialogue among the Government, councils, and municipalities for effective distribution.
The Canarian Government is finalising its discussions with the councils to approve the 2026-2036 FDCAN and draft the accompanying decree.
Clavijo noted that the new fund will maintain a similar investment level of €2.6 billion, with the regional government contributing €1.6 billion. This model ensures a ten-year commitment to funding, facilitating multi-year projects beneficial to the community.
The upcoming fifth Conference of Presidents aims to tackle key challenges facing the Canary Islands via effective co-management.
A recent report indicates that the FDCAN from 2016 to 2026 has mobilised €2.619 billion, significantly impacting the local economy by generating €4.504 billion and creating over 47,000 jobs.
The report outlines that for every €1.5 invested by the Canarian Government, local councils contributed €1, demonstrating the collaborative effort across various projects.
Overall, the FDCAN has proven to be a vital financial instrument for employment and economic stimulation in the Canary Islands.
