Describing the pay-out as an “oxygen tank” for many local businesses, Portimão mayoress Isilda Gomes has announced her council will be repaying debts of €3.6 million “this month”.
The amount, many owed for years to “small and medium sized local businesses and associations”, will only cover debts under €50,000, incurred by both the council and its now extinct former company Portimão Urbis.
“It is extremely important for us to pay back these debts as it is a lot of money and will help boost the local economy,” Gomes said, thanking creditors for their enforced “patience” and apologising for the length of time they have had to wait.
A harder task, Isilda admitted, will be paying back the €140 million the borough council still owes larger creditors.
Payments depend on whether or not the borough receives funding from the government’s overstretched Fundo de Apoio Municipal (FAM).
“Our bid is still being analysed,” she told reporters, adding: “I was guaranteed that everything will be done to make the final decision known as soon as possible”.
