In light of the COVID-19 pandemic, Valencia Port Authority (PAV) invested approximately €10 million as urgent and compensatory measures to reduce the economic impacts of the outbreak.
Following the measures implementation, PAV has streamlined the payment of 7.33 million euros to 250 supplier companies, so as to provide liquidity to those operate for the ports of Gandia, Sagunto and Valencia.
What is more, the port informed that during 2020, it will further enhance payments to its suppliers, amounting to 51 million euros.
The initiative’s goal is to set weekly payments until the end of the Alarm Status in order to minimize the difficulties that PAV service providers may face.
PAV has also advanced 2.64 million euros in pending bonuses in 2019 to its clients and has implemented the reduction in rates derived from the Royal Decree-law of April 21, 2020 that will mean a decrease in rates for this financial year for an amount of 6.2 million euros.
…as Port authorities noted.
Concluding, it is expected that PAV measures will allow the port business network to have liquidity worth 57.2 million euros in 2020.
