The president of Banco Português de Fomento (BPF) announced today that the institution will place, in total, three billion euros in credit lines to support reconstruction after the bad weather that affected Portugal.
“We will put three billion euros into credit lines”, announced Gonçalo Regalado, at the Conversas com Fomento event, organized by Banco Português de Fomento, in Lisbon, indicating that it will be five years in treasury, ten in investment and 20 years at the European Investment Bank (EIB).
The president of the BPF recalled that, initially, 1,000 million euros were mobilized in an investment line, a line of 500 million euros of treasury, which was doubled, to which is now added the mobilization of another billion euros for investment, from the EIB.
The official pointed out that the three lines represent 1% of GDP, and the mobilization was carried out in less than a month. He also added that the BPF is launching a new subsidy system that will amount to 150 million euros.
According to Gonçalo Regalado, 748 million euros of the 1,100 million in applications have already been approved, that is, 68% of requests are contracted or are being contracted.
30 million euros are being validated, 300 million euros are being processed, with 57 million euros missing data, and 269 million euros are being contracted, he said, while 479 million euros are already contracted.
“We did it with all the commercial banks”, he also highlighted, adding that the banks “visited the companies in the first few days”.
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