Portugal’s tourism relief fund boosted with extra €10m

Portugal’s tourism relief fund has been bolstered with a further €10 million to aid smaller tourism businesses impacted by the coronavirus crisis.

Published in Portugal’s official State newspaper Diário da República, the relief fund has been revised and increased in accordance with the country’s epidemiological situation and the effect on the economy and tourism industry.

The fund has allowed the government to continue providing financial aid to business which were faced with “great financial pressure”.

To date, more than €138 million in funding has been provided to tourism companies, yet “demand remains constant” because of the ongoing impact of the pandemic on smaller businesses.

The Portuguese government had already boosted the relief fund with a further €20 million at the end of April, according to Lusa news agency.

The objective of this latest round of funding is to continue offering public financial aid to these businesses which remains “essential at this current phase”, the government said.

The relief fund stems from a partnership between the national tourism authority, Turismo de Portugal, along with 12 banks (Abanca, Bankinter, BPI, BPG, CCAM, CGD, Eurobic, Millennium BCP, Montepio, Novo Banco, Novo Banco dos Açores and Santander).

CTP, Portugal’s tourism confederation, also called on the government last month to put “its money where its mouth is”. 

CTP president Francisco Calheiros said in a statement at the time that the tourism industry cannot live in “constant uncertainty without knowing what we can count on in the coming months…We are practically at the end of July, and businesses are facing numerous difficulties due to the various constraints that still exist as a result of the pandemic”.