Portugal Qualifies for €16.3 Billion in EU Grants After Completing 44 Reforms
Portugal's Completion of EU-Mandated Reforms and Access to Recovery Funds
Overview of Portugal's EU Recovery Plan
LISBON, Aug 28 (Reuters) - Portugal has completed all 44 reforms required by Brussels under its post-pandemic recovery plan to qualify it for €16.3 billion ($18.98 billion) in EU grants available to fund more than 100 projects, its economy minister said on Friday.
Allocation and Funding Breakdown
• Portugal was allocated €21.9 billion under the EU's €750 billion NextGenerationEU post-pandemic recovery programme launched in 2021, including €16.3 billion in grants and €5.6 billion in loans.
Investment Projects and Reform Conditions
• Its recovery plan provides funding for 117 investment projects, conditional on the implementation of 44 reforms covering housing, healthcare, education, public administration, energy and the digital transition.
Deadline for Reforms
• To secure EU funds, member states must complete Brussels-mandated reforms by Monday.
Statements from Economy Minister Manuel Castro Almeida
• Economy Minister Manuel Castro Almeida told a news conference that Portugal had "fully implemented the planned reforms and met all of the plan's milestones and targets, securing the full €16.326 billion in grants".
• "It would have been disastrous for the country if we had missed this opportunity," he said, adding that the plan's loan component was also expected to be fully utilised.
Revisions and Future Funding
• Since its launch in 2021, Portugal's recovery plan has been revised several times, with projects deemed unlikely to meet Monday's deadline replaced by others capable of being completed on time.
• Castro Almeida said many of the projects removed from the plan would now be financed through other EU funds, the European Investment Bank and the state budget.
Currency Exchange Rate
($1 = 0.8590 euros)
(Reporting by Sergio Goncalves; Editing by Jan Harvey)
