According to a statement issued by the European Commission Gibraltar has been allocated 8.38 million euros as part of the 750 m package of support given to UK regions. The programme claims the EU will attract new investment from all sources of more than 19.5m euros. Different elements of the programme will focus respectively on the development of SMEs in growth sectors and on preserving the environmental uniqueness and the cultural heritage of the peninsula.

The programme aims to create 70 new SMEs and to assist another 140 in developing further their business activities. A particular feature is to secure a considerable increase in the number of tourists. In the end, the programme should create sufficient jobs to reduce current unemployment by around two-thirds.

More generally, the three programmes will be financed by the European Regional Development Fund. Related development efforts financed by the European Social Fund, the European Agricultural Guidance and Guarantee Fund and the Financial Instrument for Fisheries Guidance will be delivered through separate programmes, although particular attention has been given to the complementarity between the different actions.

Three themes, representing particular European priorities, run as common threads across all of the programmes: equal opportunities between men and women; sustainable development - where the UK has agreed to ensure that its obligations under the NATURA 2000 directives will be respected; the development of the information society.

The final decision on these three programming documents will be taken by the Commission after they have been considered by the Committee on the Development and Conversion of Regions.

The full text of the EU Statement can be found at http://www.iberianews.com/archive/nov25/zzfri6.htm