The Portuguese Development Financial Institution and State aids
The postponement of the development bank
Nuno Castro MARQUES1
The creation of a development bank was first publicly discussed when the Portuguese Government announced its intention to review the strategy of the public bank Caixa Geral de Depósitos (CGD).2 The Portuguese Government’s intention was to significantly shift CGD’s traditional credit operations structure into tradable goods and services and into supporting exports and the internationalization of Portuguese companies.3 This intent walked side-by-side with the reorientation of the strategy for future use of EU structural and cohesion funds, as reached by agreement between the European Commission (EC) and the Portuguese Government. The newly agreed strategy has defined new investment priorities which intend to contribute to: the development of Portugal’s new economic policy; the use of structural and cohesion funds to improve the process of resource reallocation in the economy, with the involvement of credit institutions; the establishment of new mechanisms for venture capital co-investment; and to engage CGD’s in the development of solutions aiming a timely absorption of structural funds and a better use of public resources.4
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