Page 42 - Monaco Economy 119

Update

Recovery Plan: Win-Win Situation

Monaco’s unprecedented €75 million economic restart fund’s objective, to
get out of the Covid-19 crisis, is to boost the Principality’s economy by both
consumption and investment. Monaco Economie takes stock of the four funds
which finance these exceptional measures.

It has become a leitmotif: “We must fight the through investment), whilst directly injecting correspond to the needs of the moment,”
effects of the crisis but also take advantage public money into the local economy in the specifies Laurence Garino, Director of the
of the opportunities it creates,” as Minister shorter term (stimulus through consumption),” Monaco Welcome Office, on the front line in
of State, Pierre Dartout, sums up the logic of underlines Jean Castellini, Economy Minister. An the management of the crisis. This is also how
the Monégasque recovery plan. After setting extension of €11 million for funds is proposed the Carlo system was set in motion – and with
up an emergency plan of €30 million and in the draft amending budget. great success: to date, it has generated nearly
infusing the economy hit by the health crisis, €8 million-worth of purchases in Monaco
the government announced in September 2020 Field data businesses; and now 98% of end-of-year
how it wanted to boost consumption and invest This plan, broken down into four funds bonuses paid by the state have been spent.
for the future. “If, since the first signs of the (Blue, White, Green and Red & White), was “We did, of course, target companies but also
Covid-19 pandemic, the government has been drawn up taking into account feedback from individuals, through grants to make homes
on the side of economic players, it has been just the field and professional representation more comfortable and/eco-responsible, or
as essential to support companies to resume bodies (FEDEM, AIHM, AMAF, Chambre du to acquire an electric vehicle,” adds Jean
their activity. The recovery plan, the amount of Bâtiment and MEB). “We targeted the needs Castellini. At the end of May, the Monégasque
which was initially set at €75 million, pursues of economic players (employees, employers state handed out €2.1 million to finance 400
two objectives: to sustainably support economic and consumers). Proximity to the population purchases of electric vehicles of all types,
players in the medium and long term (recovery allows us to refine as we go, in order to from bikes to electrically-powered cars.
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