04/08/2020 (Agence Europe) – On Tuesday, 4 August, the European Commission approved, under EU State Aid rules, Portugal’s plan to set up a new national development bank — ‘Banco Português de Fomento’ (‘BPF’) — to promote the growth of the Portuguese economy. BPF will result from the merger between Instituição Financeira de Desenvolvimento and PME Investimentos. BPF will be owned by the Portuguese State with a share capital of €255 million, and BPF’s activities will target market failures in lending and capital markets. Concretely, the BPF will focus on improving access to finance for different projects (research and innovation, sustainable infrastructure, social investment, and skills) as well as projects that aim to increase the competitiveness of Portuguese companies and encourage public-sector investment. (LC)