EUROPEAN REGIONAL DEVELOPMENT FUND
EUROPEAN SOCIAL FUND
In the current 2014-2020 community programming framework, the Canary Islands will have a total of 997.7 million euros from the EUROPEAN REGIONAL DEVELOPMENT FUND (FEDER), to develop all the actions included under the Canary Islands ERDF 2014-2020 Operational Program (ERDF OP). The Viceconsejería de Economía y Asuntos Económicos con la Unión Europea (regional government department of economy and economic affairs with the EU) and the management departments under its authority administer several projects having joint financing from the European Union, precisely through the Canary Islands ERDF 2014-2020 Operational Program and the Canary Islands FSE 2014-2020 Operational Program. In both cases, the co-financing rate is 85%.
These funds are mainly intended for investments improving and increasing the competitiveness of the productive sector in the economy of the Canary Islands, by promoting factors such as innovation, information society and the internationalization of the economy; to improve the citizens’ quality of life in the Canary Islands, with special focus on the process of social cohesion through job creation, increase the education level and reduction of the poverty rate; and, finally, reduce and mitigate additional costs arising from being an outermost region (OR).
The EUROPEAN SOCIAL FUND (ESF) is the main EU financial instrument available to support job creation and help people to obtain better jobs, by investing in human capital, thereby improving employment prospects of citizens, especially those who have difficulties to find a job.
Within the framework of the Canary Islands FSE 2014-2020 Operational Program, with a co-financing rate of 85% from the European Union, the Government of the Canary Islands carries out certain actions aimed at investing in education, training and professional training, among others, to attain new expertise and lifelong learning.
In addition to the actions co-financed by the European Funds, which are carried out by the Viceconsejería de Economía y Asuntos Económicos con la Unión Europea, the following management departments under its authority carry out projects which are financed by such funds:
Dirección General de Promoción Económica (economic promotion department)
Dirección General de Asuntos Económicos con África (department of economic affairs with Africa)