The central Government authorizes that 100 million from the RIC go to rehabilitate protected housing

The last Council of Ministers has authorized the Canarian Government for 100 million euros from the funds covered by the Reserve for Investments in the Canary Islands (RIC) to be allocated to rehabilitation of protected housing, investments in infrastructure or improvement of the environment.

"It is something very important, crucial for the Canary Islands, also for the environment," assures the Minister of Territorial Policy, Ángel Víctor Torres, in statements disseminated by his department.

Specifically, the Government of the Canary Islands is enabled to issue long-term public debt suitable for materializing the RIC allocations for a maximum amount of 100 million euros.

In the case of funds allocated to housing rehabilitation, the condition is the following: that they are "protected housing intended for rental in favor of persons registered in the Public Register of Applicants for Protected Housing of the Canary Islands".

The RIC is one of the most powerful instruments of the Economic and Fiscal Regime (REF), a system that significantly reduces the taxation of business profits generated in the Canary Islands on condition that they are reinvested in the islands in certain sectors.

Furthermore, Torres specifies that, of the aid worth 30 million euros that the Council of Ministers approved this Tuesday for the primary sector throughout Spain, 21 million correspond to the Canary Islands.

And he also highlights the effect that the immigrant regularization process, which is launched this week, will have on the islands.

"Regularizing those who come to contribute the best of themselves is a key, fair fact that also makes the country grow economically and socially," he argues.