Government provides additional €350 million credit line to SMEs
The Portuguese Government programme VIP.PT which supports tourism development and marketing projects and campaigns is to provide a €350 million credit line to SMEs in the sector.
The money will be used to boost the marketing and promotion of national tourism projects on distribution channels in wide range of overseas markets through marketing campaigns for regional destinations in Portugal.
With the goal of debating the future of the tourism sector in Portugal and particularly the role of the hotel sector in its development, the AHP (Portuguese Hotel Association) joined over 400 hoteliers from all over the country at the 31st National Hotel and Tourism Congress which has been running in Viana do Castelo this week and ends today.
Keynote government speaker, the Minister of the Economy, Pedro Siza Vieira sounded a note of optimism by saying he was sure that it “will be possible to continue to have success and grow through the combined efforts of public policies and private sector agents.”
The Government will continue to support companies, particularly SMEs using public financial instruments, namely by providing funds to the VIP Programme – Valuing, Innovation and promotion in Tourism to attract and market airline and cruise ship routes and tourism operations with a cash injection of €10 million.
The VIP.PT programme supports measures, campaigns and projects for tourism promotion to market what is on offer in the national regional market in target overseas markets.
The minister also announced a Support Line for Modernising Offer (a syndicated credit line between Tourism of Portugal and 12 credit institutions) in a capital line of €250 million over four years. Projects from this programme has already helped projects worth a total of €375 million.
This fresh credit line will focus on helping companies to revamp and reposition themselves to be more competitive; developing strategies that include a digital dimension; encouraging sustainability and energy transition and the decarbonisation of the economy and the circular economy.