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Juncker Plan guarantees €200 million loan package for Portuguese companies

junkersThe European Commission, through Portugal's Caixa Geral de Depósitos will make €200 million available to help business financing, an area that Brussels has identified as a key weakness in Portugal’s economy.
 
The expectation is that 1,250 small and medium-sized companies will benefit from loan guarantees available as from Thursday, May 24.
 
"With today's agreement between CGD and the Juncker Plan, another €200 million will be available to around 1,250 Portuguese companies that need risk finance to help them grow and achieve their ambitions," said the European Commissioner for Research, Science and Innovation, Carlos Moedas, in a statement released by the Commission.
 
This agreement between CGD and the European Investment Fund (EIF), in which the European Commission has a 30% stake, is part of the InnovFin financial instrument.
 
According to the statement, Caixa Geral will make loans with "favourable conditions" for small and medium-sized companies over the next two years.
 
"Our ambition is to grow in the lending to innovative SMEs," said Paulo Macedo, the president of Caixa Geral, a public bank.
 
On Wednesday in the Specific Country Recommendations, the European Commission pointed to the financing of Portuguese companies as one of the main weaknesses of the Portuguese economy.
 
"Getting access to stable financing, and in particular capital (as a shareholder), is considered one of the biggest challenges for Portuguese companies," Brussels explained in the document.
 
According to data from the European Commission, Portugal is fourth in the list of countries that have benefitted the most from the Juncker Plan, when taken as a percentage of GDP.
 
In all, Portugal already has received €1.9 billion: € 1.1 billion for infrastructure and innovation projects and €800 million for small and medium-sized enterprises.
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Comments  

0 #7 Darcy 2018-05-31 23:16
The EN125 East bound should be priority, as it provides vast Tax revenue for Government, but if they can't see the benefits of providing proper basic infrastructure for tourists to move between their accommodation and their activities, then these politicians should be removed from this position of power.
0 #6 Cicero 2018-05-28 09:14
The E.U. elite love member states being in debt to them, it gives them the control that they could never otherwise obtain, loans in euros to countries that previously had mediocre currencies and therefore high interest rates prior to joining the eurozone, or as one correspondent put it, the "proxy dmark" zone, i.e. Greece, Portugal, Spain,Italy, means that they are locked in because reverting to their old currencies would incur a massive increase in interest rates and therefore a massive increase in the interest payments on their euro denominated debt.

As at the moment as the vast majority of these indebted E.U. states politicians are E.U. concentric, I suppose a co-ordinated default is not "yet" on the cards :-*
+1 #5 NOGIN THE NOG 2018-05-26 11:39
Quoting AL:
Quoting nogin the nog:
hmm
Yet more borrowed money from the EU.

Debt makes the world go round!!
That is the primary objective of any government in the world with the exception of a few, is to see how much debt they can raise during their term. Who said that politicians represent the people that voted for them? They represent the ones that sponsor their election campaign.

Quoting AL:
Quoting nogin the nog:
hmm
Yet more borrowed money from the EU.

Debt makes the world go round!!
That is the primary objective of any government in the world with the exception of a few, is to see how much debt they can raise during their term. Who said that politicians represent the people that voted for them? They represent the ones that sponsor their election campaign.

Hmm Al.
Yep your on the pulse there al lad. Only problem is Portugal , Spain, Italy, to name but a few are not that far from becoming the next Greece.. They keep borrowing to keep the Wolves at bay. Only real problem is they are borrowing from the same said wolves.. :-*
0 #4 AL 2018-05-26 10:51
Quoting nogin the nog:
hmm
Yet more borrowed money from the EU.

Debt makes the world go round!!
That is the primary objective of any government in the world with the exception of a few, is to see how much debt they can raise during their term. Who said that politicians represent the people that voted for them? They represent the ones that sponsor their election campaign.
+2 #3 nogin the nog 2018-05-25 18:26
hmm
Yet more borrowed money from the EU. Will those in power never learn, you need to generate your own wealth.. or is it just another cash pot to be plundered, with the tax payers paying it back plus interest.. :-*
+4 #2 Peter Booker 2018-05-25 07:33
We know that CGD is in grave difficulty because of its practice of unsecured lending. By giving this business to a bank with unprofessional habits, the EU is wantonly protecting undesirable banking practice.
+1 #1 Jack Reacher 2018-05-24 23:17
Word is that all the MSEs are mostly sand pumping companies taking advantage of the ludicrous beach making business and free hand outs from the EU. Anybody know where i can buy a barge..as I want in.

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