The Ministry will provide a maximum of €1.448 billion during the duration of this agreement to finance the necessary works and land expropriations.
Approval of the Third Addendum
Yesterday, the Council of Ministers approved the signing of the third addendum to the 2018-2027 road agreement between the Ministry of Transport and Sustainable Mobility and the Government of the Canary Islands. This new agreement ensures the completion of the pending works.
As a result, the Ministry will provide a maximum amount of €1,448,255,524.97 to finance the necessary works and land expropriations.
Further Works and Reassurances
The Minister for Public Works of the Canary Islands announced that “this addendum will allow us, among other things, to complete all the works of the current agreement that are either ongoing or about to commence. Examples include the works on the Airport-Pozo Negro road on the island of Fuerteventura, and the lane expansion of the TF-1 between San Isidro and Oroteanda in Tenerife, works which have yet to start but are expected to be completed post-2027.”
Furthermore, the annual payment schedules will be readjusted and the list of funded projects will be updated, including two new projects:
- Mogán Tunnel, located at km 44 of the GC-500 road on the island of Gran Canaria.
- Adjustment of the Adolfo Cañas and Piedra Santa tunnels to comply with European directives on the GC-1 road, also on Gran Canaria.
Long-term Commitment
Through this agreement, the Government of Spain commits to a multi-year contribution for road construction in the Autonomous Community of the Canary Islands from 2018 to 2027.
This document was first amended with an addendum signed on 18 December 2019, followed by a second addendum formalised on 29 December 2022.
Details of the Third Addendum
The details of the modifications introduced by this third addendum, now authorised, are as follows:
- Redistribute the remaining funds derived from unspent investment from the 2023 and 2024 budgets, along with the forecast for the execution of the 2025 budget and the funding deficit for 2024, across the budgets for 2026 to 2030.
- Extend the validity of the agreement for a maximum of 5 years.
- Update and modify Annex I of the projects subject to funding through this agreement.
- Incorporate the completed Annex II regarding works from the 2006 Agreement and its Addenda, pending execution as of 31 December 2022.
- Empower the Bilateral Commission to agree on adjustments to annual budgets arising from both unspent investment surpluses and budgetary funding deficits, provided that they do not constitute a change (upwards or downwards) to the overall amount of financial commitments or the duration of the agreement.
