EIB may support Portugal with additional funds for inflation and uncertainty

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The European Investment Bank (EIB) said it is “available to finance” Recovery and Resilience Plan (RRP) projects, notably in housing and transport, to complement funds in the face of “cost increases” related to inflation and uncertainty.

“The EIB can and is available to finance, it is now up to the government to make the assessment of the RRP and identify the areas where this will be necessary,” said the EU bank’s vice president, Ricardo Mourinho Félix.

Speaking at a press conference in Lisbon on the day the EIB released data on activity in Portugal in 2022, Ricardo Mourinho Félix revealed that, “in several areas, talks have already begun,” namely in the areas of housing, transport (such as metro and rail), innovation, mobilizing agendas, health, education, and support for the construction of university residences.

Vincing that the complementarity of EIB support with the PRR funds, related to the Recovery and Resilience Mechanism in force since February 2021, was always foreseen, Ricardo Mourinho Félix pointed out the current “period of very high inflation, which at the time no one expected”, to which is added “great uncertainty” due to the war in Ukraine.

“The actual funds are very small and the EIB can help finance any increases in project costs or that are no longer correct,” he concluded.

The position comes after the Prime Minister on Wednesday considered it “very likely” that Portugal will resort to more funds from the RRP due to inflation, to allow it to “cover the costs” of social solidarity institutions or municipalities.

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