Press Release: State aid: Commission endorses specific economic and fiscal regimes in Canary Islands worth EUR 7,135 million for period 2007-2013

The European Commission has approved under EC Treaty state aid rules, two regional aid schemes for the Canary Islands, the Economic and Fiscal Regime (REF) and the Special Economic Zone (ZEC). The measures are intended to promote regional development in the Canary Islands by enabling companies established in this outlying region to overcome their natural structural handicaps. The fiscal measures, with a combined planned budget of €7,135 million for the period 2007-2013, offer incentives for investment, job creation and the diversification of the regional economic structure.