The European Union is to provide €288 million in a move to foster cross-border cooperation between Portugal and Spain.
The European Commission claimed today that the money will be made available through the latest phase of the interregional cooperation programme (Interreg), which, including some national funds, will bring the total available to €382.5 million.
There will be a particular emphasis on cross-border initiatives to protect the environment, promote tourism and economic growth and encourage joint research and development.
The programme "will promote better integration of research and development on both sides of the border, in order to take full advantage of the economic potential of the region."
"At the same time, the programme will address the issue of environmental protection and the increasing challenges related to climate change, in particular the management of flood risks," and these two priorities "will be complemented by initiatives to promote greater legal and administrative cooperation."
The project applications can be made in 2015 and the projects will be funded at 75%.
The Interreg scheme covers the Spanish regions of Galicia, the west of Castile and León, Extremadura, western Andalusia, and the whole of Portugal with the exception of the Lisbon area.
This Interreg launch is in fact the fourth programme for cooperation between the two countries in a master plan that started in 1995.
Thankfully, the management is to be controlled by the Spanish Ministry of Finance, in ‘close cooperation’ with Portugal’s Agency for Development and Cohesion.
The current EU funding of €288.9 million will come from the European Regional Development Fund and will be complemented by more than €93.6 million of national co-financing.
Portuguese businesses and non-for-profit groups will be studying the small print in order to access funds which can be used for both environmental and tourism related projects.
