Spain’s Interportuario Compensation Fund will distribute €52.5 million among 28 port authorities in 2019

Madrid, Spain (PortSEurope) November 27, 2018 - The distribution committee of the Interportuarial Compensation Fund (Fondo de Compensación Interportuaria), under the presidency of Ornella Chacón, has unanimously approved the distribution proposal of the €52.5 million ($59.2 million). Of this amount, €4.8 million ($5.43 million) is allocated to "Port Plan 4.0", and the remaining €47.4 million ($53.66 million) will be shared directly by the 28 state-owned port authorities. Of this latter amount, €7.6 million correspond to navigation aids, €14.8 million are allocated to the Port Authorities of Santa Cruz de Tenerife, Las Palmas, Ceuta, Melilla and the Balearic Islands due to their special circumstances including ultra-peripherality, €1.6 million correspond to security actions and €23.4 million will be distributed among a large number of port authorities to finance actions of various kinds. The proposal of Puertos del Estado presented by President Ornella Chacón increases the contributions of the port authorities from 4% to 5%, in order to make effective the agreement of the Fund Committee to allocate 1% to the "Port Plan 4.0". This percentage will represent an estimated value of €4.8 million in 2019. Given that the current agreement extends over a period of four years, and that, in general, the resources generated by the port authorities are increasing, it is expected to allocate an amount of more than €20 million to this Plan. By 2019 the contribution of Puertos del Estado increases from €6.5 million to €8.5 million in order to meet the needs expressed by various port authorities receiving items from the Fund, which confirms the commitment of Puertos del Estado to the state port system whose objective is to guarantee the self-financing of the system and the strengthening of competition between the Spanish ports. In short, it is about facilitating and strengthening the structure of the Spanish territory, and especially that of the coastal areas where nearly 60% of the Spanish population lives. The Financial Fund for Port Land Accessibility will finance actions of €131.8 million in 2019 In addition, the president of Puertos del Estado has proposed new actions to be financed by the Port Terrestrial Port Accessibility Fund. In total, after approval by the Fund Distribution Committee, the Fund allocates €627.3 million to a set of 54 actions representing a total investment of € 1,053.7 million for 2015- 2023. The fund is 12% higher than previously approved, which reflects a clear interest on the part of the port authorities to continue contributing to improve terrestrial accessibility to ports. Of the total amount, 46% corresponds to "last mile" linear actions (16 projects of new direct connection to the port or improvement of the existing one), 33% are oriented to improve existing linear infrastructures in general network (24 actions) and the remaining 23% is focused on the creation or improvement of terminals, objective collected in 14 projects. Once again, rail is the main mode of transport, receiving 92% of the funding provided by the Fund to improve land accessibility, distributed in 40 actions. The remaining 14 actions focus on road access improvements. Annuities with amounts greater than €100 million are concentrated between 2019 and 2021. In particular, the one corresponding to budget year 2019, is the maximum with an expected allocation of €131.8 million. The cumulative investment expected to be executed by the end of this year amounts to €95.6 million. Ornella Chacón has concluded a meeting thanking all the port authorities for the effort made so that the Fund has a greater economic endowment for the 2019 fiscal year, and can meet urgent or unexpected needs of those ports of general interest with difficulties. Source: Puertos del Estado Copyright (C) PortSEurope. All Rights Reserved. 2018.

Spain’s Interportuario Compensation Fund will distribute €52.5 million among 28 port authorities in 2019

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Spain’s Interportuario Compensation Fund will distribute €52.5 million among 28 port authorities in 2019

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All news

New Black Sea railway ferry line Varna-Poti

5 tonnes of cocaine destined for Valencia port seized in Guayaquil

2.6 times more containers via Middle Corridor in Jan-Oct’24

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Our Expert Analysis

Latest Free Reads

Top Ports