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Launch of Incentive Package

This afternoon the Economic Council, chaired by the ex-leader of ACIF (Chamber of Commerce) and entrepreneur, Cristina Pedra, presented their new programme entitled ‘Incentives for the Economy of the Region’ which they say will speed up the release of funds and reduce bureaucracy.

During the presentation which took place at the Centre for the Study of Atlantic History, Cristina Pedra explained that the release of funds will be applied in a two ponged approach. Firstly, the ‘survival and resilience’ of existing companies and secondly, the ‘plan for the future development of Madeira’ .

The initial aim is to maintain the treasury support line with the allocation of non-refundable support which will be used to pay salaries and the export of goods.

The creation of ‘Invest Rápido’ is also planned, this will include a 75% non-refundable subsidy, of up to a maximum of 75 thousand euros, aimed at projects in the areas of innovation, research, the blue economy and  internationalisation.

The  Government, through the Secretary for the Economy, has as its priority the maintenance of jobs. On the table, there are other support measures such as the continuation of subsidies after the pandemic and the creation of a microcredit line for projects valued up to 20 thousand euros.

Furthermore, a subsidy package aimed at the Tourism sector with regard to hotel units will be implemented.

Samantha Gannon

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