European Commission approves Portuguese institution designed to finance SMEs
Financial Development Institution will manage European funds
The European Commission today approved the creation of a Financial Development Institution in Portugal – a 'development bank' designed to improve access to finance for small and medium-sized enterprises (SMEs).
The commission's approval extends until December 31, 2020, on the understanding that "the market for SME financing, and in particular the scope of the market failures, may evolve". It will then reassess the institution.
The plans for this institution, which will be supervised by the Bank
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