Albufeira Flood by Bruno Filipe Pires.JPG

Minister (finally) announces €7.5 million for Albufeira flood victims

Lines of credit totalling €7.5 million and destined to help victims of Albufeira’s floods four months ago have finally been announced by Economy Minister Manuel Caldeira.

More than half the money will go to businesses in the tourism sector (€4 million), while the remaining €3.5 million will go to other companies affected.

Speaking to reporters in Albufeira, Caldeira Cabral said he hopes the money will help “get Albufeira back on its feet so that it can welcome people like it always has by this Easter or at least by the summer”.

He added that “these are good times for tourism in Portugal” and everything points to 2016 being “another great year for the sector”.

“That’s why we’re here, supporting these companies,” he said – making no allusion to the fact that PS MPs spoke of these credits at the beginning of February, promising they would become available “within days”.

The funds will be distributed by Turismo de Portugal and IAPMEI, an institute that supports small and medium-sized enterprises, writes Sulinformação.

Companies will be eligible to receive maximums of €150,000 – €250,000, depending on whether they apply for the retail or tourism support packages.

Sulinformação said the money is destined for micro, small and medium-sized businesses that do not have debts to Turismo de Portugal and are up to date with tax authority and social security payments.

Those that aren’t will still be eligible for financial support if they submit, in writing, their intention to ‘regularise’ their situation within the next six months.

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