EML Collaborates With Correos On A €210 Million Spanish Government Economic Stimulus For 500,000 Youths In Culture & Arts
Approximately 500,000 virtual prepaid cards will be issued and loaded with a government stimulus totalling 210 million in support of the culture sector, which was badly hit during COVID.
EML Payments Limited (ASX: EML) and its partner and key European client, Correos, Spain's national post office network, will support the issuing of a government contract known as the Bono Cultural Joven 2022 (Youth Cultural Bonus) tender. Approximately 500,000 virtual prepaid cards will be issued and loaded with a government stimulus totalling €210 million in support of the culture sector, which was badly hit during COVID.
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EML and its partner Correos will support issuing a Youth Cultural Bonus government contract to around 500,000 teenagers in Spain. (Photo: Business Wire)
Direct aid of €400 on an instant virtual card, which can be upgraded to a physical card, will be given to each eligible young person in Spain who turns 18 in 2022. The funds can be spent on various cultural products and activities, including the performing arts, live music, films, libraries, museums, festivals, sheet music, records, books, audiobooks and magazines.
The stimulus programme, part of Spain's General State Budgets, will see €210 million pumped into the country's economy over the next 12 months. The government will promote the new aid programme to revitalise and stimulate the cultural sector in Spain, guaranteeing the sustainability of the cultural and creative industries after the negative impact of the pandemic. It also promotes universal and diversified accessibility to culture, promoting loyalty amongst young people to generate the habit of consuming cultural products. Approximately 500,000 eligible 18-year-olds will receive their €400 stimulus allocation on a virtual card via a single payment.
''We're very happy to be able to collaborate with the Ministry to promote culture amongst young people. This project, which is part of the Correos Prepago business line, positions Correos as a benchmark for the delivery of social aid and financial inclusion within the company's strategic framework of diversification,'' said Manuel Zapatero Sierra, Director of Products & Services at Correos.
''Our business relationship with Correos goes back a long way, and we've achieved many milestones together. We're delighted to continue to build on this partnership with such a significant and important initiative in helping support the arts sector across Spain,'' said Emilio Gutierrez, Head of Spain at EML.
EML’s economic and emergency disbursement track record extends to governments and international aid organisations in Europe, Australia, and the U.S. Correos is one of the leading Spanish companies by size, presence and human capital, with 84 million post office visitors annually across Spain, providing rapid access to Spain's youth population.
About Correos:
Correos was born more than 300 years ago and, after continuous adaptation to the market, today it is the leading operator in the sector in Spain. Currently, the company's strategy is focused on internationalisation, sustainability and digital transformation. With nearly 51,000 professionals, the company provides services to citizens through its network of 2,370 offices, distributing nearly 7.5 million shipments daily. The Correos Group has 3 subsidiaries: Correos Express, dedicated to urgent parcels, Nexia, specialised in multi-channel solutions for communications in massive companies and Correos Telecom, in charge of the management and commercialisation of telecommunications infrastructures. Belonging to the SEPI Group, it is part of a business holding that encompasses a total of 15 public enterprises.
About EML Payments
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Sources:
Correos Group’s key figures https://www.correos.com/en/grupo-correos/#cifras-clave
Bono Cultural Joven website https://www.culturaydeporte.gob.es/destacados/bono-cultural-joven.html
Spain’s Ministry of Culture & Sports’ statement https://www.culturaydeporte.gob.es/actualidad/2022/06/220624-bono-cultural-correos.html
Correos' boilerplate https://cswetwebcorsta01.blob.core.windows.net/uploads/2022/06/2022_06_21-NP-Correos-Market-colabora-con-Palomo-Spain-dentro-de-su-apuesta-por-el-talento-espanol.pdf
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