Debt-beset Portimão council’s desperate appeal for €142.5 million has finally been approved by the Court of Auditors.
The money will be transferred in several tranches throughout the next 18 months. The first, said to be €30 million, will be transferred by next week.
“This is a great day for Portimão and our people,” mayoress Isilda Gomes told Lusa news agency.
“It was a long, complicated and tough process, but it has finally seen the light of day,” she added.
The loan comes via municipal support fund FAM (Fundo de Apoio Municipal), which will give the council leeway to spend €6 million per year on public investment and €2 million on social projects.
The bulk of the money, however, is needed to pay off the borough’s €137.4 million debt.