20 M € in European funds invested in companies and institutions in the Algarve

CRESC Algarve 2020 approves first ten projects with relevance in combating Covid-19

The Algarve Operational Program (PO) mobilized, until October 31, 19.7 million euros for the adoption of measures aimed at minimizing the effects generated by the Covid-19 pandemic, with companies and institutions in the region.

The information was released by the Algarve Regional Coordination and Development Commission (CCDR), within the scope of the publication of the 2nd edition of the «Covid-19 Algarve Bulletin», with the most recent information on the socio-economic impact of the pandemic in the region and on public policy measures adopted with funds from European funds allocated to POAlgarve.

In this context, by October 31, the Operational Program of the Algarve had mobilized 19.7 million euros to minimize the effects of the pandemic: 17 million euros from the European Regional Development Fund (ERDF) and 2.4 million euros from the Social Fund European Parliament (ESF).

Up to that date, nine notices were issued and 214 operations were approved in the three notices already completed, resulting in a total of 7.26 M € of eligible investment, corresponding to 4.7 M € of European funds, adding up to all support provided in terms of unemployment benefits, social insertion income and food support.

The preparation of the second edition of the bulletin coincides with a period in which Portugal is in a state of emergency, which differs, however, from that declared between 18 March and 2 May, when more restrictive rules were established. In order to minimize the effects of this situation on families, companies and the financial sector, several economic and budgetary policy measures, of a different nature, were implemented, either by the European Union or autonomously by each State. This edition includes several new indicators to monitor some of the responses of the State and civil society to the situation we face.

"In recent months, following the trend of the country, the Algarve has presented milder negative year-on-year rates of change than in the initial period of the pandemic, in most of the indicators followed", stresses CCDR / Algarve.

Despite this, adds the CCDR, "the region continues, in many cases, to record falls above the national average, which translates into a more marked economic and social impact on the Algarve territory".

"September and / or October are again showing slightly more intense breaks than in previous months", concludes the institution.


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