The Portuguese government approved the establishment of the Financial Institution Development, known as Development Bank, on 11 September, which will have as its primary mission the financial support of SMEs in the country. To achieve this goal, the new entity will have 100 million and one billion in European Community credit lines.
According to Economy Minister, Antonio Pires de Lima, the government expects the bank to be operational by the end of this year, coming into functions during the month of October. The minister also stated that the Development Bank “will allow to add a set of public institutions that deal with the activation of the economy and community funds”.
The financial institution will be based in Porto and will be supervised by the Bank of Portugal. Commercial banks will be the intermediaries for lending requests.
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[photo credit: Images Money]
