Agreement frees up 3.6 billion euros in investment

The European Commission and the Portuguese Development Bank signed an agreement to free up 3.6-billion-euro investments in Portugal. To this end, the Portuguese Development Bank will receive a 210-million-euro guarantee under the InvestEU European Investment Programme.

Prime Minister Luís Montenegro presided over the signature of the agreement, signed by the European Commissioner for Economy Paolo Gentiloni and the chair of the Portuguese Development Bank Celeste Hagatong.

The Minister of Economy Pedro Reis also attended the ceremony and in a statement to the press claimed the Portuguese Development had "hard work to get 3.6 billion euros in financing to reach the Portuguese companies in the next few days", adding that "this is a transformative line that makes a difference to those who need it" in companies.

These sums will be used by the Portuguese Development Bank to finance investment in sustainable infrastructure for small and medium-sized enterprises and social investment and skills. Applications will open shortly.

The EU will grant an InvestEU guarantee up to 210 million euros to the Portuguese Development Bank to share the financing risks. InvesEU is a programme to support investment in the EU and offers a budgetary guarantee to implementing partners.