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EIB to invest 750 mln euros in Portugal to foster employment

Xinhua, August 2, 2016 Adjust font size:

The European Investment Bank (EIB) said on Monday it will invest 750 million euros (837 million U.S. dollars) until 2020 in Portugal to foster employment and to increase the competitiveness the Portuguese economy.

Programs to be funded should be defined under the agreement between Portugal and the EU to draw up the use of the European Structural Funds.

"This investment shows the EIB's commitment to support the consolidation of the Portuguese economy following the recent crisis and its return to a growth trajectory by supporting employment, innovation and SMEs," an EIB statement quoted the bank's Vice-President Roman Escolano as saying in Lisbon.

Most of the investment will focus on innovation and research, education, business development health, energy efficiency and renewable energy, improvement of water supplies, integrated urban renewal, broadband coverage and e-government.

Priority will be given to small and medium projects of less than 50 million euros to be implemented. Endit