EU okays 250-million-euro state aid to capitalise Banco Portugues de Fomento

BRUSSELS - The European Commission on Monday approved 250 million euros ($272.8 million) in Portuguese state aid to capitalise state-run Banco Portugues de Fomento (Portuguese Development Bank) which was set up two years ago to finance small- and medium-sized companies.

The aid is part of Portugal's pandemic recovery fund.

"The measure aims to develop the Portuguese economy by facilitating access to finance, particularly for small and medium enterprises affected by the coronavirus pandemic, and thus boosting competitiveness and job creation in the long-term," the EU executive said in a statement.

($1 = 0.9166 euros)