Plans for Spain’s €1bn (US$1.36bn, £794m) Paramount Theme Park have stalled over the fact that Premursa – the company behind the project – are struggling to secure financial commitment from investors on the project.

In an effort to kickstart the ambitious scheme in Alhama de Murcia, Spain’s government is now involved and is helping to seek further European backing on the project.

The construction contract for the park has already been awarded to Spain-based Ferrovial-Agroman and CHM Infraestructuras, though work has not yet stated thanks to the funding deficit.

The initial aim for the park – according to Spanish secretary of state for commerce Jaime Garcia-Legaz – is to secure an initial €18m (US$24.4m, £14.2m) investment to cover startup costs and help construction work on the project begin.

Gacia-Legaz said he was “reasonably optimistic” that funding would be secured and that work on the attraction would start soon.

The Paramount Theme Park project was initially announced in 2010 when then regional minister for tourism Pedro Cruz revealed plans to build the park. Since then there have been numerous false starts on the project touted to include condos, office buildings, hotels, malls, a casino, a convention centre, gardens, nightlife and dining areas, an exhibition hall/auditorium and the theme park itself divided into several sections.

Named brands include Star Trek, Rango and Mission Impossible and the park has promised to be the first of its kind built in Europe and the most modern to be opened in Spain, embracing the latest in 3D technology and environmental awareness.

Meanwhile, the UK’s Paramount theme park plans look set to become a reality after the project was given fast-track development by the country’s government and has recently approached the consultation stage of the plans, which would see the park become one of the five-largest in the world. The UK project is aiming to begin construction in 2016 and open in Q2 of 2019.