«Marshall Plan» for Luxembourg

Luxembourg Economy Minister Etienne Schneider has unveiled an investment programme, or “Marshall Plan”, worth 2.5 billion euros for the period 2013 to 2017.

The plan gives a boost to government resources, with several public companies contributing funds to develop infrastructures and strengthen Luxembourg’s competitiveness.

Minister Schneider highlighted the importance of state investments, pointing out that the Luxembourg government has pledged 1.7 billion euros for 2013, a rate of 3.7 percent of GDP, one of the highest in the EU.

At the same time, the government has foregone the privatisation of several sectors, despite the current economic crisis, leading to the emergence of a series of public companies with a strong involvement by the state.

These public companies include LuxConnect, SEO, Enovos, Creos, EPT and SOLEIL, which are set to deliver a substantial contribution to state investments.

«SES or Cargolux companies don’t participate in the program because their investments are made largely outside our borders», the minister said.

Between 2013 and 2017 the companies have pledged the following sums:

  • LuxConnect – 109,410,000 euros
  • SEO – 260,900,000 euros
  • Enovos – 300,000,000 euros
  • Creos – 603,000,000 euros
  • EPT – 968,500,000 euros
  • SOLEIL – 70,000,000 euros

In addition, aid schemes for enterprises worth 210 million euros are included in the Marshall Plan, amounting to a total of 2,521,810,000 euros.