Algarve bottom of EU funding plan with €318.6 million

Algarve bottom of EU funding plan with €318.6 million

It’s 84% more money than last time, but still only a tiny fraction (around 1.2%) of what the rest of mainland Portugal will be getting.
The Algarve’s new regional development programme ‘CRESC ALGARVE2020’ will see the region receiving €318.6 million of European Union (EU) funding between 2014 and 2020.
It is part of Portugal’s larger programme ‘Portugal 2020’, which encompasses five regions (North, Centre, Lisbon, Alentejo and Algarve) that together will receive €25 billion from Brussels over the six-year period.
The government has announced the funds will be channelled into four major sectors: “Competitiveness and Internationalisation, Social Inclusion and Employment, Human Capital and Sustainability, and Efficiency in the Use of Resources.”
It was already known that the Algarve would be “bottom of the list” in the EU funding plan for Portugal, but forecasts last year pointed towards the region receiving “at least 7%”. Thus, the 1.2% will be viewed in a very dim light by Algarve authorities.
As a statement from the CCDR-Algarve (the regional development commission) revealed, the sum is nonetheless an increase of 84% compared to the last programme (2007-2013).
The money will go mainly towards creating a “responsible, industrialised and exporting” economy, explains the commission. It will also be used to “attract qualified workers, renovate and create sustainable conditions for the Algarve’s infrastructures and value local resources”.
Out of the Algarve’s total, €224.3 million will come from the European Regional Development Fund (ERDF), €94.3 million will be provided by the European Social Fund (ESF) and the remaining €8.6 million by the Youth Employment Initiative (YEI).
More info about both the programmes and how local businesses can apply for funding can be found online at www.algarve.portugal2020.pt and www.portugal2020.pt