Portuguese Prime Minister Antonio Costa said on Monday that the country’s Recovery and Resilience Plan (PRR) will invest 6.4 billion euros (7.64 billion U.S. dollars) in “science, knowledge and innovation” projects.
According to the prime minister, the amount represents about 40 percent of the funds received from the European Union (EU) for Portugal’s economic recovery from the COVID-19 pandemic.
“Portugal’s PRR introduces significant investments to stimulate research and innovation, and includes an ambitious package of reforms and investments,” Costa said in a video address at the opening of “Science Meeting 2021,” which takes place on June 28-30 at the Lisbon Congress Center.
He pointed out that the objective is “administrative simplification and cost reduction, introducing many of the recommendations” of the European Commission.
According to him, there will be the creation of “financing mechanisms that enhance investment in innovation, through an effective Development Bank with a long-term vision for the country, as well as the establishment of support rates of up to 100 percent for basic research and with incentive levels for companies.”
Costa revealed that the National Commission for Monitoring the PRR is already functioning.
One of Portugal’s targets is to raise the “total expenditure on research and development to 3 percent of the country’s gross domestic product (GDP)” by the end of the decade. (1 euro = 1.19 U.S. dollars)
