The Portuguese Government announces rescue package
The Portuguese Government has recently announced a rescue package meant to solve the crippling crisis that Portugal’s real estate and construction sectors have been going through in the past couple of years.
This all-embracing programme will include fifty new measures designed to produce more financial aid, increase the potential to expand business at the international level, streamline the training of employees linked to the two sectors while at the same time boosting the rate of employments.
The official document of commitment was signed in Lisbon, after which the Minister of Employment, Alvaro Santos Pereira, made a very inspirational statement saying that this day marks a change in an important sector to the country’s economic reform. He continued to say that this pledge is not a return to the past but a road to a more sustainable future.
The rescue package comes in response to the glaring need for more competitive and sustainable forces in the construction sector. The Minister added that the Portuguese Government is not going to adopt the defeatist policy of seeking bailout assistance from the outside.
The Governmental pledge to aid municipal authorities pay their debts to builders stays firm, and in order to achieve this 750 million Euros have already been contracted.
The Government is aware of the importance of the real estate and building sectors, the Minister mentioning this as well as the fact that it is necessary to consolidate public spending while helping them.
As we mentioned earlier the programme will also include various project for urban rehabilitation, internationalization and professional training within these sectors.
The Government rescue package is focused on real estate and construction because these two sectors are crucial to the recovery of growth in Portugal, they employ more than six hundred thousand people and account for 18% of GDP.
One of the measures in the rescue package programme, meant to curb unemployment, is to retrain people from other areas of work to transfer them to the construction and real estate sectors, or their ramifications.
Another of the measures also wants to provide companies in those sectors access to credit lines and EU funding.
