Photo: INÊS LOPES/OPEN MEDIA GROUP

Government beefs up tourism relief fund with extra €10 million

Portugal’s tourism relief fund has been reinforced with an additional €10 million to help micro and small-sized tourism companies affected by the Covid-19 pandemic.

The decision has already been published in the official State newspaper Diário da República.

Says the article, the relief fund has been adjusted and strengthened according to the evolution of the country’s epidemiological situation and the effects it has had on the economy and on the tourism sector.

The government adds that it has allowed it to continue providing support to companies which were under “great financial pressure”.

Over €138 million-worth of funding has already been provided to tourism companies, the government explains, and that “demand remains constant” due to the impact that the pandemic continues to have on micro- and small-sized businesses.

As Lusa news agency points out, the government had already boosted the relief fund with an additional €20 million on April 27.

The goal of this latest boost in funding is to continue providing public financial support to the companies, which is still “essential at this current phase”, the government says.

The relief fund was created as part of a partnership between national tourism authority Turismo de Portugal and 12 banks (Abanca, Bankinter, BPI, BPG, CCAM, CGD, Eurobic, Millennium BCP, Montepio, Novo Banco, Novo Banco dos Açores and Santander).

Last week, tourism entrepreneur André Jordan predicted that many companies within the tourism sector will not survive the crisis caused by the Covid-19 pandemic, and that bankruptcies and closure will lead to a “serious unemployment problem” (click here).

CTP, Portugal’s tourism confederation, has also urged the government to put ‘its money where its mouth is’ and put promised funds on the table. (click here)

michael.bruxo@algarveresident.com