Portimão repays €30.2 million debts

Portimão has paid off €30.2 million of its debts after receiving the first tranche of a €142 million loan from the municipal support fund FAM (Fundo de Apoio Municipal).

The money was used to pay “six banks and seven service providers”. The largest debt – €6.1 million – was owed to bus company Frota Azul.

The rest of the loan will be transferred in several tranches throughout the next 18 months.