La palabra del día: Conceder

Verb. To give, grant, do mercy and grace of something. E.g.: Se ha suspendido la práctica anterior de conceder un día libre a los trabajadores para donar sangre: The previous practice of allowing employees a day off work to donate blood has been discontinued. The noun is la concesión.
As you can see, conceder is almost a perfect synonym of otorgar, but, there is a difference in the noun: in Enconomy la concesión means something slightly different than el otorgamiento.
In economics and administrative law, a concesión is the granting of the right to exploit, for a specified period, goods and services by one public Administration or company to another, generally private. E.g.: Sacyr firma su nueva concesión de autopistas en Italia de 2.700 millones de euros: Sacyr signs its new motorway concession in Italy of 2,700 million euros. dc