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Portuguese holiday island to receive credit line worth 10 mln euros for tourism

Xinhua, August 15, 2016 Adjust font size:

Portuguese holiday island Madeira will receive a credit line worth over 10 million euros (11.2 million U.S. dollars) to support its tourism industry, Portugal's Minister of Economy Manuel Caldeira Cabral said on Sunday.

The minister made the remarks following deadly wildfires earlier this week which killed at least three and caused some 1,000 people to evacuate their homes.

Caldeira Cabral told journalists during a visit to Madeira capital Funchal that this credit line will be available from next week, according to local media.

Caldeira Cabral explained that a calculation of the island's losses was still being carried out, and that a credit line would avoid job losses and companies being forced to close.

He also praised work carried out by personnel in the tourism industry, noting that in some hotels staff offered tourists to go back to their homes.

Mayor of Funchal Paulo Cafofo has said that "the potential of Funchal's tourism industry is intact and unaltered," according to Lusa News Agency.

The fires which raged through Madeira led to damages of at least 55 million euros, Mayor of Madeira capital Funchal Paulo Cafofo revealed on Thursday. (1 euro = 1.12 U.S. dollars) Endit