Press Release: State aid: Commission approves creation of Portuguese development financial institution

The European Commission concluded on the 28 October 2014 that Portuguese plans for setting up a financial institution (the Instituição Financeira de Desenvolvimento, IFD), were in line with EU state aid rules. The IFD, funded by the Portuguese state and European Structural and Investment Funds (ESIF), would manage holding or specialised funds and provide SMEs with access to funding on a co-investment basis with private investors. In particular, the Commission found that the measure would address market failures that hamper SMEs access to finance, without unduly distorting competition in the Single Market.

• Primary Source

ESO: Background information: European Commission adopts ‘Partnership Agreement’ with Portugal on using EU Structural and Investment Funds for growth and jobs in 2014-2020 http://www.europeansources.info/record/press-release-european-commission-adopts-partnership-agreement-with-portugal-on-using-eu-structural-and-investment-funds-for-growth-and-jobs-in-2014-2020/

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