Government approves creation of Banco Português de Fomento
The Council of Ministers approved the decree-law establishing the Banco Português de Fomento, which mission will be to promote the modernisation of companies and the economic and social development of the country.
The decree defines the terms and merges the SME Investments and the Development Financial Institution into the SPGM, the Council of Ministers' announcement states.
"Banco Português de Fomento (BPF) will carry out a wide range of operations, both direct credit to companies and management of the system of state guarantees, as well as capitalisation of companies and support for exports and internationalisation," said the Minister of State, Economy and Digital Transition, Pedro Siza Vieira at the Council of Ministers press conference.
The law will enter into force in 40 days, during which the necessary formalities for the bank to start operating in the third quarter will take place.
Source: Portal do Governo (Government Portal)