Page 43 - Monaco Economy 119

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Continued aid for hard-hit sectors rolled out to include companies in order to to total renovation, including the embellishment
“Aware that everyone does not go through create incentives. of terraces - in various sectors of activity (audio,
economic difficulties in the same way,” the food, clothing). “Some shopfronts, not very high-
government has maintained financial aid for Virtuous circle end-looking compared to the Principality’s image,
sectors affected by the crisis. “Sectors such as Other measures in the stimulus package represent were in dire need of it. This financial boost may
small shops in Monaco-Ville, taxis or the events a long-term investment. “With the Blue Fund or the have also given some businesses a glimmer of
sector are experiencing a more pronounced Green Fund, we support companies in their digital hope,” comments one professional.
slowdown in their activity than other sectors, and ecological transition. It’s a win-win situation,”
so we are still supporting them,” notes Jean notes Laurence Garino. The Blue Fund is very General renovation works
Castellini. “With CARE, we continue to help successful: new website, a marketplace, switch The state also took advantage of the stimulus
250 beneficiaries in the catering, transport to electronic signature. The Monaco Welcome plan to carry out general renovation works at
and events sectors since its establishment in Office received around 10 requests in December, the Academy of Music, damaged in the summer
July 2020 (sports coaches, special allowances a figure that rises crescendo every month: “The of 2021, and at the Princess Grace Theatre. An
for restaurants forced to close at night, events public money we invest benefits Monégasque envelope of €3 million from the White Fund
agencies at half mast). We need to help them companies more than 80% - it is a virtuous circle: has been allocated to the insulation of the attic
envisage the recovery expected in 2021 or a traditional company is going digital, so a digital and the installation of solar panels at the Lycée
early 2022 for some sectors. The business company finds new outlets as a result, which Albert I, the Palais de Justice and the Treasury.
cash flow has been weakened, especially in the creates value for the Monégasque economy,” Amongst the large-scale projects: “In the building
tourism and event planning industries; that is analyses Jean Castellini.* One euro invested in and renewable energy sectors alone, by 2022, €75
why we are developing personalised aid to help the digital transformation of a company is the million from the National Green Fund, including
them over the long term” observes Laurence equivalent to 12% growth in the turnover of the €50 million for thalasso-thermal loops, which
Garino. In the same spirit, the operation Revive recipient and, therefore, in future revenues for the will be used as part of the energy transition, will
Your Neighbourhood, another part of the state. At the same time, the White Fund has already make it possible to save 8,000 tons of CO² per
plan, finances events orchestrated by groups made it possible to renovate some 40 commercial year,” announced the Minister of Public Works,
of traders as well as the cost of advertising premises - with works ranging from €2,000 to the Environment and Urban Development.
the events. The concept could very soon be several hundred thousand, from a façade update Milena Radoman
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