This program, which has been crucial for infrastructure development and job creation in the archipelago, originated from an agreement reached in 2016. At that time, the Government of the Canary Islands received a compensation of 160 million euros from the State, corresponding to the defunct General Business Traffic Tax (IGTE).
Initially, the Canarian Executive considered two ways to manage these funds: integrating them directly into the regional budget or allocating them to a specific public investment plan. Ultimately, the latter option was chosen, designing a program in collaboration with the island councils (cabildos insulares) to finance projects tailored to the needs of each island and its municipalities.
“"The Executive provides 60% of the resources, approximately 1.6 billion euros, while the remaining 40% comes from the island councils in collaboration with the municipalities of each island."
The original 2016 agreement established shared funding for ten years between the Autonomous Community and the cabildos, although some island corporations adopted different timelines. The majority of the funding, approximately 1.6 billion euros, comes from the Government of the Canary Islands, while the remaining 40% is contributed by the cabildos and municipalities.
Throughout its history, the Fdcan has supported a wide range of initiatives, including improvements in transport infrastructure and roads, the creation of business incubators, the development of commercial areas, the implementation of electronic administration in municipalities, labor insertion programs for vulnerable groups, and adult education.
Technical meetings to define the new Fdcan program until 2037 will commence in May between the Treasury Department and the cabildos. Political negotiations are expected to begin in June, and agreements with each island are anticipated to be signed before the end of the year, allowing the fund's new phase to start in 2027.
