Algarve’s tourism board (ERTA) has secured a bank loan to the tune of €400,000 to help meet its funding agreements with the private sector for the promotion of the region in 2011.
The ERTA currently has €1.2 million in contracts with private companies (see Algarve Resident September 9 edition) but budget cuts from Turismo de Portugal in the last two years have meant that the Algarve entity was struggling to find funding to meet its commitments with the private sector for external promotion of the region.
For each Euro private companies invest for this purpose, ERTA have to put in another Euro.
At the last meeting of the Algarve Tourism Association (ATA) held in Faro, ERTA President António Pina informed members that the tourism board had secured a bank loan.
Speaking to Lusa news agency, António Pina said: “My fear was that no bank would respond to our request, but at least one has answered so far which means the problem will be overcome.”
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