Portugal wants a slice of another EU give away

Paul 09 December 2014

eon The Portuguese Government has submitted 113 investment projects to the European Commission for consideration for funds under a new EU investment plan launched by Jean-Claude Juncker, the new President of the European Commission

The European Commission announced two weeks ago that it intended to launch investment of €315 billion over the next three years.

Juncker asked each member state to send in a wish list for public and private sector projects and the response from member states has been impressive, the money is free after all, and a list of over 2,000 projects with a total value of nearly four times the available budget has been received.

Portugal has submitted 113 projects with an estimated value of €30.5 billion.

The sector where the Portuguese Government has applied for funding is transport infrastructure. There are 37 projects that aim at increasing the efficiency of transport networks in Portugal.

There also are projects to improve each existing airport.

The next sector where more money is wanted is social infrastructure where 18 projects have been put forward, followed by water and sanitation and then social housing.

In the energy sector Portugal’s government has put forward 35 projects for the construction of new dams, interconnection projects with Spain and the second phase of wind power construction to accord with CO2 reduction targets.

As for Portugal’s list, the Government points out that this is not a final selection and may be subject to changes and additions.

The European Commission says that funds will be distributed on a project by project basis, not by a regional basis so if Portugal's projects are well presented and viable, even more money may soon flow from north to south.

Comments

0 #6 Rui Ventura 2014-12-14 13:52

Smoke and Mirrors ?

http://globaleconomicanalysis.blogspot.pt/2014/11/junckers-315bn-eu-slush-fund-is-299bn.html

http://globaleconomicanalysis.blogspot.pt/2014/12/spain-seeks-60-billion-of-junckers.html

+2 #5 Adrian 2014-12-14 09:48

Ahh 'the dash for cash' I see. Quick out of the blocks means the usual crowd has its eyes on lining its pockets. To stop misappropriation of funds requires each project to have proper accountability, I would suggest, with the money released in tranches. E.G. EN125 project, say 500 million, here's 10% when you can show the physical work for this spending plus a chart of accounts to account for the costs, here's another 10% and so on. The full amount should NEVER be paid up front else it boosts German exports, e.g. new Mercs for all 'officials'

+2 #4 Mr John 2014-12-10 18:49

Can i send in a wish list for public and private sector projects, i would dearly love to get the money to finish the completion of the half k/m road they have been working on for the past 4 years near the beach in Quarteira then landscape the rest, now tooth ferry, i left the tooth out so where's my money plus iva. Cough up.

+2 #3 Simon 2014-12-10 15:52

This is highly leveraged plan based on about €8 billion mainly taken from the European Investment Bank. If the projects foresee a commercial return they may gain capital output previously denied. I think this sould be filed under "seeming to be doing something".

+2 #2 Malcolm H. 2014-12-10 10:23

There is still the glaring reality that the EU books have not been even remotely balanced ... EVER !!!

And so much fraud, misuse of influence, diversion of funds and endless waste are not investigated or punished.

These are mega-projects that, as always will just line local politicians and heavyweights pockets.

In southern Europe it is vital that Scandinavians are sent in to supervise.

As with tourism where Portugal still foolishly sees sense in investing in one mega tourism project ... rather than helping say 250 smaller projects with a few thousand

But then the Portuguese Tourism SME sector is well known to be CLOSED to north Europeans so - on a technicality - we have no right to be discussing it.

+3 #1 Peter Booker 2014-12-10 06:41

So the EU has €315 billion to play with. What does this money represent? Is it set against future tax revenues? Is it borrowed? Is it just lying around in EU coffers?

As it is not even a loan, but a give away grant, I think we should know where it comes from.

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