Portugal to receive 57.9 bln euros from EU by 2029

Source: Xinhua | 2020-07-25

Portuguese Prime Minister Antonio Costa said on Friday that his country will receive 57.9 billion euros (67.15 billion U.S. dollars) in transfers from the European Union (EU) by the year 2029.

"The agreement that was reached this week at the European Council guarantees us an unprecedented financial package," said Costa in his speech on the "State of the Nation" at the Parliament, recalling the approval of the European economic recovery plan at the meeting in Brussels.

Following intense marathon negotiations, leaders of the 27 EU member states on Tuesday morning reached a consensus on the 750-billion-euro recovery fund and the bloc's long-term budget worth over 1 trillion euros.

He stated, however, that the funds coming from the EU now generate "an enormous responsibility for public administrations, for economic agents and for all society".

"A huge responsibility for good planning, programming, designing, executing, supervising. An enormous responsibility towards our European partners and the Portuguese, especially the new generations, to whom we have a duty to restore confidence in the future of Portugal," he concluded. (1 euro = 1.16 U.S. dollars)