On Monday 11 April, the European Commission authorised a Portuguese support measure of €250 million under the Recovery and Resilience Facility (‘RRF’) to strengthen the capitalisation of the promotional institution Banco Português de Fomento (‘BPF’).
The measure aims to develop the Portuguese economy by facilitating access to finance, in particular for small and medium-sized enterprises (SMEs) affected by the coronavirus pandemic, and thus boost competitiveness and long-term job creation. The scheme also contributes to the EU’s strategic objectives of green and digital transitions as well as economic cohesion, productivity and competitiveness.
The measure will allow BPF to increase financing - in particular for SMEs affected by the coronavirus pandemic - mostly through the provision of public guarantees in close cooperation with commercial banks active in Portugal. This will mobilise investments in the four strategic areas of the InvestEU programme, namely: - sustainable infrastructure; - research, innovation and digitalisation; - social investment and skills; – SMEs. The measure therefore also contributes to the objectives set out in the RRF framework, including the green transition, digital transformation, social and territorial cohesion, smart, sustainable and inclusive growth. (Original version in French by Lionel Changeur)