Algarve has already executed more than half of the community funds allocated to the region

CRESC Algarve 2020 has a total endowment of 318 million euros

More than half of the 318 million euros of community funds from the CRESC Algarve 2020 Operational Program, more precisely 168 million euros, have already been injected into the Algarve economy.

According to the Algarve's Regional Coordination and Development Commission (CCDR), CRESC Algarve 2020, «which manages the European Funds allocated directly to the region, reached, at the end of July, an execution rate of 50,26% and 102,59 % commitment fee'.

The executed volume refers to the projects of public and private entities that have already been effectively carried out. In the case of the commitment fee, it is the total contribution, promised and executed, which always includes the eventual withdrawal or incapacity of some promoters to carry out the investment for which they requested support.

«Over the last eight months, the acceleration in the execution of the Regional Operational Program was very significant, both in the approval of new projects and investments, with the commitment rate going from 85,9% to the current 102,6%, or in the execution of projects approved which increased from 39% registered in November 2020 to a value greater than 50% registered at the end of July 2021”, according to the CCDR of the Algarve.

In a session with journalists, at the beginning of June, José Apolinário, president of the CCDR of the Algarve, revealed that the rate, at the time, was around 48% and that the objective was, on the one hand, «to reach 49% by the end of June” and, on the other, “to reach 60% of execution by the end of the year”.

CCDR Algarve also revealed that 1514 projects have already been approved, with a total eligible cost of 578 million euros.

The 2014-2020 Regional Operational Program has an allocation of 318 million euros in Community Funds, of which 231 million from ERDF and 87 million from ESF, and should be fully implemented by mid-2023.

In the Algarve, management responsibility rests with a Board of Directors chaired by José Apolinário, which includes the President of the Intermunicipal Community of Algarve (AMAL), representing the municipalities, and a representative of the Government, supported by a technical structure in the CCDR Algarve.