Government to fund development of the tourism sector in Algarve
05 August 2009
The Portuguese government has agreed on a 100 million euro loan to the Algarve region for the development of the tourism sector, according to the daily Portugal News Online.
The Minister of the Economy, Teixeira dos Santos, declared that the new line of credit represents important aid for the tourism sector, which due to the economic crisis has difficulties above all in Algarve. "The financing is aimed at supporting the market above all at the end of the summer period, when a notable drop in profits is forecast and when there is a higher risk for a collapse in the system", the minister pointed out.