It was scheduled to bring €7.5 million to the Algarve for urban renewal, but news now is that the figure is being doubled.
Portugal’s allocation from the Jessica Fund (standing for Joint European Support for Sustainable Investment in City Areas) has been boosted to €15 million thanks to policies put forward by various borough councils.
David Santos, president of the CCDR (commission for regional development) made the announcement to Lusa news agency, adding that already Vila Real de Santo António, Albufeira and Portimão have benefitted from funding.
Vila Real has a spruced up town centre, with open-air market; Albufeira a new 500-space carpark and Portimão has seen three new buildings renovated in the old part of town.
Since it was established in Portugal in 2009, the Jessica Fund has already channelled over €70 million into 26 projects throughout the country – creating 629 jobs and benefitting 19 borough councils.
Areas of intervention include urban rehabilitation and regeneration, revitalisation of the economy in urban areas (directed most at small and medium sized businesses and entrepreneurial ideas) and the dissemination of IT and communication technologies in town and city centres – including broadband and wifi.
