The Xunta, Abanca, Reganosa, and Sogama form a new public-private organisation that will support “tractor effect” projects in Galicia
The Galician Association for the Development of Strategic Projects, AKA Impulsa Galicia, has been established to assist in developing business ideas that would have the best leverage effect for the Galician economy
It will foster the transformation of the economy using a ‘green’, digital model and attract investment, forging partnerships, and fostering collaboration between different institutions, with a special focus on SMEs
Its first objective is to support the development of projects that form part of the Galician nominations for the Next GenerationEU funding and to help them find future investors
Santiago de Compostela
April 28, 2021
The Xunta de Galicia, Abanca, Reganosa, and Sogama have formed a new public-private organisation that will support business ventures with the tractor effect that are using environmentally friendly and digital models to contribute to the stimulation, progress, and transformation of the Galician economy.
The Galician Association for the Development of Strategic Projects, AKA Impulsa Galicia, was established with the goal of encouraging production activity in our community by attracting investment, forging partnerships, and fostering collaboration between public and private institutions with a view to launch and consolidate new businesses ideas
This new entity will prioritise SMEs, ensuring that they are the main beneficiaries of these new “tractor effect” projects that will generate economic activity and value chains. It will also provide consulting services to improve the professionalism and consolidation of new business initiatives, including legal, financial, administrative, commercial, industrial, and management support.
The organisation will act as a driving force behind new initiatives, not an investor. It has a majority private ownership and is open to new collaborative opportunities. It has a founding capital of 5 million euros, with 38% provided by Abanca, 12% provided by Reganosa, and 10% provided by Sogama, making up 60% of the total. The Xunta de Galicia provided the remaining 40%.
During this initial phase, Impulsa Galicia will have one main goal: to assist in developing strategic projects with the potential to have a tractor effect that have been included in Galicia’s nominations for the Next GenerationEU funding, before helping these projects to find investors for further development.
Galicia currently has 354 projects (247 public, 107 private) vying for the funding, which could result in 20 billion euros being invested in the region.
Galicia’s candidacy includes initiatives for SMEs that could affect the entire industrial value chain. It would also support strategic sectors in Galicia to turn them into magnets that attract the rest of the community’s production network, with special attention being paid to SMEs and self-employed people.
