Blue economy fund with €28M to invest

Portuguese companies have a new fund to boost the Blue Economy.

Fundo Crescimento Azul which was launched on Monday is the first created on the back of the new instrument InvestEU for the Blue Economy in Southern Europe.
The fund will be financed with €28 million from national public resources via the Fundo Azul and resources from the European Investment Fund (EIF) supported by the instrument InvestEU for the Blue Economy.
The fund will make investments in SMEs in Portugal and Spain, with the objective of supporting the growth and internationalisation of companies within the Blue Economy, with an emphasis on sustainability and climate action, as well as for sectors of the Blue Economy.
The fund has earmarked a total of €50 million, including financing from Portugal Azul and private commitments from institutional investors.
The instrument will invest in 8-12 companies in own capital and mixed funds, with amounts of over €1.5 million.
The Vice-President of the European Investment Bank, Ricardo Mourinho Félix called it a “mark in the development of the Blue Economy in Portugal and in Europe. The Blue Economy has the potential to resolve many global challenges that we are facing today, such as climate change, ocean pollution and loss of diversity”.