Portugal picks companies for $ 8 bln investment in green projects

Portuguese Prime Minister Antonio Costa speaks to the media outside Downing Street in London, Britain, June 13, 2022. REUTERS / Henry Nicholls / File Photo

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LISBON, June 21 (Reuters) – Portugal has selected 51 consortia to invest a total of 7.57 billion euros ($ 8 billion) in green and other innovative projects over the next four years as part of the European Union’s recovery program.

Portugal’s 16.6-billion-euro recovery and resilience program.

The grants to the companies and research entities could later be boosted by 1.6 billion euros.

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The projects include “green” hydrogen and lithium battery plants, agro-industry, electric bikes, investments in health and energy-efficient housing construction.

“The recovery program is not an abstract fantasy … these investments will boost the competitiveness of the economy until 2026,” Costa told a news conference, adding the projects would create new products, services and patents.

930 companies, 60% of which are micro, small or medium-sized companies, as well as some scientific and technological research entities.

Portugal wants to use the $ 14 billion euros in EU grants by 2026, as well as some 2.7 billion euros in loans, out of the block’s 750 billion-euro pandemic recovery package.

5 billion euros to companies supporting investments in research and innovation, sustainable production processes and digital tools and skills.

($ 1 = 0.9491 euro)

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Reporting Sergio Goncalves Editing by Mark Potter

Our Standards: The Thomson Reuters Trust Principles.

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