Velez-Malaga has closed on a €4 million loan meant for investment funds. The mayor Antonio Moreno Ferrer signed the loan with the Caja Rural de Granada bank. The purpose of the loan is to guarantee financing for municipal investments, including projects like the renovation of the Puerta de Antequera and the Pueblo Nuevo de la Axarquia square.
The Town Hall listed other investments such as the Plaza Axarquia and promoting the Theatre in Torre del Mar. Infrastructure improvements would also be undertaken on roads, parks and public spaces, including the Campiñuelas road in Los Tejares.
Moreno indicated that the loan was signed thanks to good economic management and highlighted that the municipality had reduced its level of indebtedness to only 45 per cent. He explained that loan had a term of 180 months and that many of the projects it will fund have already been approved.