Saturday, 18 September 2021 08:23 GMT

Portuguese gov't releases 320 mln euros to help companies recover


(MENAFN - Trend News Agency ) The Portuguese government published the law creating the Capitalization and Resilience Fund, which initially earmarks 320 million euros (378 million U.S. dollars) for the economic recovery of the country's companies, Trend reports citing Xinhua .

The funds, which come from the Recovery and Resilience Plan of the European Union (EU), may reach 1.3 billion euros in the long term, aiming at the recovery following the COVID-19 pandemic.

The Portuguese fund is held by the Agency for Competitiveness and Innovation and managed by the Portuguese Development Bank.

According to the law published in the Portuguese Republic Gazette, the money will be used to "provide public support aimed at strengthening the solvency of commercial companies operating in the national territory" and "supporting the capital reinforcement of commercial companies in the process of growth and consolidation."

According to the government, there may be "additional appropriations made possible by other sources of European funds."

The ordinance stipulates that the fund will invest through equity instruments, including common or preferred shares, convertible bonds, debt, guarantees, or a combination of all these instruments.

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