Massive investment for downtown areas.jpg

Massive investment for downtown areas

THE GOVERNMENT has pledged to spend 1.5 billion euros on regenerating Lisbon and Porto’s downtown areas.

However, the cash injection will not, in the main, come from public money – 90 per cent will come from private investment.

Nunes Correia, Environment Minister, said that the money will be made available for projects between now and 2009.

Speaking during the official contract signing of a 200 million euro loan from the European Investment Bank (BEI) to the National Housing Institute (INH) on March 15, Correia confirmed that the regeneration projects would contain a private investment component of around 90 per cent, providing the Institute of Housing and Urban Regeneration with enough funds to immediately begin regenerating and refurbishing existing housing stock.

The minister added that the zones under consideration for regeneration cover a 1.5 million square meter area and include more than 10,000 apartments, shop and office space.

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