Use EU Fund to boost textile sector: Valencian Minister

27 May '13

2 min read

Juan Carlos Moragues, the Minister of Finance and Public Administration of Valencia community (province) of Spain, has advised the textile sector of Valencia to utilize the European Regional Development Fund to generate job opportunities in the sector.

The Minister was speaking at a conference organized by the Textile Entrepreneurs Association of Valencia (ATEVAL) on the financial perspectives for the European Regional Development Fund for 2014-20.

The European Fund will help to introduce technological innovation, and improve textile related knowledge and expertise in the textile sector of Valencia. The funds will boost the growth and sustainable development in the sector, which is currently at a crucial stage, Mr. Moragues said.

The Minister detailed the requirements necessary for the textile companies to seek capital from the European Fund, according to an elperiodic.com report.

Under the European Regional Development Fund, the European Union (EU) and the Spanish Government have to equally contribute in case of projects taken up in Spain. The public-private partnership in the Valencia textile sector will help the Government to receive funds from private entities such as the European Investment Bank, Mr. Moragues said.

The European Regional Development Fund is aided by the European Commission and focuses on Europe’s long-term goals for growth and jobs by 2020.

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