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Spain Approves EUR20 Billion Investment Fund, Economic Reforms

MADRID -(Dow Jones)- The Spanish government Friday approved a EUR20 billion investment fund to promote environmentally friendly industries as part of a package of measures designed to reduce the country's reliance on its construction industry.

"Too much of our economy has been based on an unsustainable model of residential construction," Finance Minister Elena Salgado told journalists after the government's weekly cabinet meeting.

The government wants to get local banks to contribute half of the EUR20 billion it aims to invest in transportation, renewable energy, waste treatment and other projects.

In addition, as part of its so-called "Sustainable Economy Law," the government approved a long list of reforms including a reduction in tax incentives for housing purchases, new incentives for research and development and simplified procedures for creating new companies.

Spain has been one of the euro-zone countries hardest hit by the global financial crisis, which last year worsened a downturn already underway in its once-buoyant home-building industry. Unemployment has skyrocketed and heavily indebted households and companies have sharply reined in spending.

Though the economy of the wider euro zone emerged from the global economic recession in the third quarter, the Spanish economy continued to contract. Because of its large imbalances, the Spanish economy is likely to underperform the rest of the euro zone for some time, many analysts say.

-By Jonathan House, Dow Jones Newswires; +34 91 395 8120; jonathan.house@dowjones.com

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(END) Dow Jones Newswires

November 27, 2009 10:25 ET (15:25 GMT)


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