The FINANCIAL — The European Investment Bank will contribute to co-finance the EU Structural Funds for Portugal until 2020.
The European Investment Bank (EIB) will invest EUR 750 million in Portugal to foster employment and to increase the competitiveness and internationalisation of the Portuguese economy. The loan will support the selected Operational Programmes defined under the agreement between Portugal and the EU to draw up the use of the European Structural Funds (Partnership Agreement 2014-2020).
Most of the investment will focus on innovation and research, education, business development health, energy efficiency and renewable energy, improvement of water supplies, integrated urban renewal, broadband coverage and e-government. Priority will be given to small and medium projects of less than EUR 50 million to be implemented. In order to be selected, each project will be required to go throughout economic and financial assessments. The Partnership Agreement 2014-2020 defines the main focus for projects prioritisation: competitiveness and internationalisation, social inclusion and employment, human capital and efficiency in the use of resources, according to EIB.
This EIB investment is aimed at contributing to the recovery and sustainable and inclusive development of the Portuguese economy. The loan will be widely distributed throughout the entire Portuguese territory in projects that will have a positive impact on local employment and SMEs activities in order to enhance the competitiveness of the Portuguese economy and to improve the stock of private and public capital.
The agreement follows the Memorandum of Understanding between the EIB and the Portuguese Republic signed in July last year. This Memorandum was agreed to strengthen the collaboration of both partners for the appraisal of the new framework loan that has been signed today in Lisbon by EIB Vice-President Román Escolano and Portugal Minister of Finance Mário Centeno.
Speaking in Lisbon, Román Escolano said “this investment shows the EIB’s commitment to support the consolidation of the Portuguese economy following the recent crisis and its return to a growth trajectory by supporting employment, innovation and SMEs.”
Mário Centeno added that “the role of public authorities is to streamline policies that encourage investment growth. This loan will help increase the competitiveness and internationalisation of the Portuguese economy and simultaneously promote job creation, human resource development, social inclusion and territorial cohesion.”