Lisbon, Aug. 24 (Lusa) – Portugal’s government on Thursday approved a €200-million fund to support small businesses, including startups, to help them grow and attract foreign investment to the country.
The ‘Fundo Coinvestimento 200M’ as it is called, is aimed at supporting risk capital and near-capital operations in small and medium-sized companies, in partnership with private investors.
“What we aim to do with this fund is to allow companies that can grow not to be limited only to the initial phases,” explained the ministry of economy, Manuel Caldeira Cabral, at a news conference after the weekly cabinet meeting.
The government also aims to attract foreign investment, including from portfolio investors, who can bring technological know-how as well as capital.
“This investment forms part of the preparation of the new Web Summit” scheduled to take place in Lisbon in November, “where we think this investment will be very important to enthuse still more investors” and persuade them to come to Portugal,” the minister said.
The new fund had been announced after last year’s Web Summit, a three-day event attended by more than 53,000 people from more than 150 countries, according to organisers. Topics centred on internet technology, with attendees range from Fortune 500 companies to smaller tech companies.
VP/ARO // ARO.