The Algarve Regional Coordination and Development Commission (CCDR Algarve), as the Managing Authority of CRESC Algarve 2020, in partnership with those responsible for the Financial Instrument for Urban Rehabilitation and Revitalization (IFRRU 2020), carried out a series of technical visits to private projects in rehabilitation of buildings benefiting from support from European funds.
The visits took place in Faro, Lagos and Vila Real de Santo António, «including projects aimed at housing and economic activities», highlights CCDR Algarve.
The building in downtown Faro, where the Atrium Shopping Center and the Santo António Cinema functioned, and which, after being rehabilitated, will «accommodate a modern hotel in 2021», the Hotel Tivoli, in Lagos, which is being renovated and a multi-family housing unit in
Vila Real de Santo António were some of the projects visited.
«Launched in November 2017, and created within the scope of Portugal 2020, the IFFRU guarantees loans for urban rehabilitation under more advantageous conditions, combining funds originating from the European Investment Bank (EIB), State Budget, from the regional operational programs of the Portugal 2020 and contracted banks, in a global allocation of 1.400 Million Euros (M€) for the complete rehabilitation of buildings aged 30 years and over”, explains CCDR Algarve.
This program, in December 2019, was distinguished as case study by the European Commission and the European Investment Bank.
In the Algarve, so far, eight operations have been contracted, involving a total investment of around 18,1 million euros, with an eligible investment of 13,5 million euros and a contribution of around 4,9 million euros (FEDER, within the scope of CRESC Algarve 2020).
According to the CCDR, the Algarve is the region with the best execution at national level, given the allocation given to this instrument.
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