Faro seeks bank loans to carry out €16 million projects
The municipality of Faro is looking into securing bank loans to finance four major projects which together represent an investment of over €16 million.
The most expensive project is the renovation and expansion of the Porta Nova docks (€8.8 million), followed by the renovation of the “Eixo Central” (Central Axis) of Faro’s downtown area (€3.3 million), the construction of the Pontes de Marchil roundabout (€2.4 million) and the construction of the Ecovia do Litoral between Faro and Olhão (€2.2 million).
The Municipal Assembly of Faro has already approved the opening of procedures to consult banks in order to obtain “medium to long-term loans” to carry out these four “structuring investments” for the municipality.
As Faro Council explains, a “significant portion of this investment will be directed towards the downtown area of Faro, a notable area and a landmark for attracting residents and visitors.”
The €3.3 million project will involve the “refurbishment of the Central Axis, which will cover the entire urban area between the train station and Largo de São Francisco.”
Alongside this project, which is part of a “developed strategy for promoting sustainable development in the municipality, particularly the revitalisation of the riverside and nearby urban spaces,” the council is also developing the €8.8 million renovation and expansion of the Porta Nova docks. Says the council, this includes the construction of a “pedestrian zone between the future marina (outside the current dock) and Largo de São Francisco.
The council’s overarching investment plan also aims to improve traffic flow on municipal roads, particularly at the entrance of the town, with the construction of a new roundabout in the Pontes de Marchil area, which will provide a direct connection from the town to Montenegro and the third circular road.
Lastly, Faro is also seeking to “take another step towards sustainable urban mobility” by establishing the Faro – Olhão connection of the Ecovia Litoral. This new section will complement the existing network of bike paths and “significantly enhance” the cycling experience between Faro and Olhão, the local council adds.
