EU approves €23B funding to attract investment to Portugal

The European Commission will announce on Thursday, in Fundão, an agreement with Portugal for cohesion policy funds and maritime affairs, fisheries and aquaculture, worth €23 billion, aimed at attracting investment to the country.

The announcement will be made by the European Commissioner for Cohesion and Reforms, Elisa Ferreira, of Portugal, who will travel to Fundão to announce the approval of this partnership agreement for cohesion policy funds and the European maritime affairs, fisheries and aquaculture fund, the EU executive said on Wednesday in a statement.

Cited in the statement, Elisa Ferreira said she was “pleased to conclude the partnership agreement with Portugal,” considering that “it will open up new opportunities for cohesion policy investments aimed at developing a stronger, more diversified and more competitive economy, while improving the territorial, social and economic cohesion” of the country.

Last June, the government submitted to the European Commission the final version of the Portugal 2030 Partnership Agreement, after months of dialogue and formal negotiations, according to information released at the time by the executive.

At stake is Portugal’s access to 23 billion in the next EU support framework, which takes into account funds from the European Regional Development Fund (€11.5 billion), the European Social Fund (€7.8 billion), the Cohesion Fund (€3.1 billion), the Fair Transition Fund (€224 million) and the European Maritime Affairs, Fisheries and Aquaculture Fund (€393 million), according to the government statement.

The agreement, which was approved by the Cabinet last March after a public consultation period and then formally submitted to Brussels, aims to “boost the country’s structural transformation, a transformation that is intended to be based on qualification, capacity building, innovation and digital transformation, climate transition and sustainability, bearing in mind the dimensions of inclusion, equality and territorial cohesion”, advanced the executive led by António Costa.

The idea is that the money may be applied until 2029, adding to the €16.644 billion of the Recovery and Resilience Plan until 2026.

The ceremony on Thursday will also be attended by the prime minister, António Costa, the Cabinet office minister, Mariana Vieira da Silva, the minister for territorial cohesion, Ana Abrunhosa, and the mayor of Fundão, Paulo Fernandes.