Algarve has already executed 78% of the European CRESC 2020 funds

Engagement rate is at 106%

The Algarve has already executed 78% of the European funds from CRESC Algarve 2020 and has a commitment rate of 106%, announced the Commission for Coordination and Regional Development (CCDR) of the Algarve, in its most recent monthly information report on the progress of this Program Regional.

Until the 31st of May, «1521 projects were approved in the OP Algarve, with an eligible investment of 588 million euros, which corresponded to Community funding of 339 million euros and an execution of 391 million euros».

248 million euros have already been paid.

CCDR highlights Axis 2 (Internationalization, Business Competitiveness and Qualified Entrepreneurship) «with 534 approved projects, 310 million in total cost and 80 million euros in funding».

«From the implementation of the Incentive Systems (SI), highlight to the typology SI Qualification and Internationalization of SMEs with 409 approved projects and 16,9 million euros in fund», adds the entity that leads the Steering Committee of the Regional Program of the Algarve.

by county, Faro it is the one that has, by far, the most projects (316) and the most funds approved (78,3 million), something that is justified by the fact that the Algarve capital «hosts public administration bodies and the University, with 36 and 45 projects respectively, and with 28 and 22 million euros of approved fund, although these may occur in other territories».