Lisbon: The first batch of 13 projects for the Portuguese Recovery and Resilience Plan (PRR) were signed in Lisbon to receive funds from the European Union (EU) to overcome the post-pandemic economic crisis.
The projects were selected through the program “Mobilizing Agendas for Business Innovation” in the sectors of agri-food, biotechnology, and electric mobility, reports Xinhua news agency.
According to Prime Minister Antonio Costa, Portugal will receive a total of 1.6 billion euros ($1.63 billion) from the EU for the program.
Still, there is a “possibility of adding another 2.3 billion euros” if Portugal uses loans from the EU, he said.
Costa said that the funds will be used to “structurally change the profile of the Portuguese economy”, and create “high-technology exporting sectors”.
In addition to the 13 projects financed, there are still another 38 ones that have already been selected to receive European funds in the coming months.