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Madeira Companies Must Have Access to Support

Today, the PSD parliamentary group denounced the exclusion of the autonomous regions of Portugal from accessing the Banco Português de Fomento’s Covid-19 Economy Support line the aim of which is to help both industry and tourism.

In a press conference held at PSD headquarters, deputy Carlos Rodrigues reminder his audience that Banco Português de Fomento is a public institution, created very recently by the State with the stated mission of contributing to “a competitive Portugal,” through “more innovative to sustain the future by promoting the country’s economic and territorial social cohesion.” However, according to the deputy these worthy objectives are not being applied equally as Portugal’s outmost regions are excluded from the programme.

Furthermore, he claimed, “all of this is incomprehensible and wrong.  We have to insist that a bank that claims to be promoting Portugal and whose main mission is the promotion of the country’s sustainability and territorial cohesion cannot confine its activities to just the continental territory.  As such, to avoid any misunderstanding the bank should be called Banco Continental de Fomento and not Banco Português de Fomento.”

The deputy regretted this whole situation as this is an extremely commendable initiative which can release around 1.050 million euros in aid. Madeira would benefiting from this initiative particularly tourism related companies such as restaurants, hotels, and car rental businesses.

The PSD’s parliamentary group therefore demands that this situation be rectified, so that Madeira companies can also have access to the financial aid package.

Samantha Gannon

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