Torrevieja requests a 32.7 million loan to remodel buildings and renew lighting

Torrevieja City Council has accepted the administrative and technical provisions controlling the execution of a long-term debt operation of €32,670,566.91, which is included in the 2025 municipal budget. This financial operation, which is subject to the Treasury’s prudential policy, will fund investments that will alter several critical sections of the city.

Domingo Paredes, Councillor for Economy and Finance, explained that “this credit operation, designed with criteria of responsibility and solvency, is essential to execute the main investment projects included in the approved budget and which directly respond to the commitments made to our neighbours in our electoral programme.”

The loan will have a 12-year term with a two-year initial grace period and will be structured using a gradual drawdown approach, allowing the City Council to request funds depending on its financial needs without incurring needless fees. Furthermore, the operation will guarantee early payback without any penalties, showcasing its flexibility and prudence.

Domingo Paredes stated that “all of the conditions included in this procedure are consistent with the principle of financial prudence.” This rigour ensures that municipal debt is both sustainable and commensurate with the intended investment effort.

This operation will fund a number of initiatives.

• The reorganization of the areas adjacent to the port (4.9 million)

• The remodeling of the Salt Eras and the old Ice Factory (2.34 million)

• Repaving and repairing the Levante Dike (2.4 million)

• The complete renovation of the La Plasa building (4.5 million)

• The project also includes the renovation of public lighting, the redevelopment of pedestrian spaces, and the enhancement of urban accessibility. The construction of the Alzheimer’s Centre, the redevelopment of the Punta de la Víbora green zone, and new facilities for the Local Police.

This investment line is part of the approved budget for 2025, totalling €168.5 million, and its implementation is centred on six key pillars: strengthening public services, sustainability, tax relief, housing, employment, and investment as drivers of social cohesion and economic growth.

“The loan operation we are launching today is not only legally sound and financially prudent, but above all, it is a tool at the service of residents to launch the projects we have been planning for months that will shape the future of our city,” announced Domingo Paredes.