European funds: CRESC Algarve 2020 reached an execution rate close to 100% in February

This bar will be reached at the end of the 1st quarter of this year

The CRESC Algarve 2020 Operational Program reached an execution rate of 99,52% and has a commitment rate of 113,78%, in the final stretch of its execution.

In total, «1474 projects were approved, with an eligible investment of 567 million euros (M€), which corresponded to community financing of 363M€ and an execution of 492M€», according to the Regional Coordination and Development Commission (CCDR ) from the Algarve.

«Payments made amount to €308M (provisional data). Given that a significant number of projects ended in December 2023, the respective expenses entered or will enter the system in 2024, to be validated by the end of the 1st quarter, estimating an execution greater than 100%", adds the same entity, in your monthly information on the status of the application of European Union funds allocated to the Algarve.

In the bulletin for February, the CCDR highlights «Axis 2 with 493 approved projects, €284M in total cost and €67M in funding».

«From the implementation of Incentive Systems (SI), emphasis on the SI Qualification and Internationalization of SME typology with 371 approved projects and €13,5M in funding. By municipality, the weight of Faro is justified by hosting public administration bodies and the University, with 30 and 45 projects respectively, and with €28M and €23M in approved funds, although these may occur in other territories», he stated.

In territorial instruments «the PADRE stands out with an execution rate of 126,6%, as well as the PAMUS which has an execution rate of 93,2% and the PARU with an execution rate of 83,6%».

Originally, the funds from the Community Support Framework that were in force between 2014 and 2020 would all have to be applied by the end of 2022. However, due to the pandemic, this deadline was extended until the end of 2024.