MOSCOW, December 19 (Sputnik) — The European Union will invest over 12 billion euro (almost $15 billion) in the economic and social development of Portuguese regions in 2014-2020, the EU Commissioner for Regional Policy Corina Cretu said Friday.
"We have secured ambitious and tailored investment programs that will help Portugal's regions to confront the realities of a globalized economy and an unpredictable climate. These plans set all of Portuguese regions on the path to more and better job creation in an economy that promotes and protects its resources, with the tangible and final benefits for citizens," Cretu said in the official press release.
The money will be used to increase the competitiveness of local companies on foreign markets by promoting research and development projects, to issue grants and to establish business incubators (organizations that accelerate the growth of start-ups). It is believed that these measures will also create additional jobs.
The investment will also be used to fund health care and education, urban development and environment protection, including alternative energy resources, according to Operational Programs.
Portugal’s economy was hit hard by the crisis of 2010-2013. Portugal's GDP per capita was $18,210 in 2013, the lowest of all Western European countries. The Portuguese GDP growth indicator was negative in 2013, according to the World Bank data.
