Recovery and Resilience Facility (RRF): an opportunity for entrepreneurs!

Between 2021 and 2026, Portugal is expected to receive a total of €16.6 billion from the European Commission (EC). This financing is in order to carry out important investment and reform measures, so the national economy can recover from the COVID-19 crisis.

Such financing will be provided to Portugal under the Recovery and Resilience Facility (RRF) through grants (€13.9 billion) and loans (€2.7 billion). In fact, the EC has already authorized the first disbursement (a total of €2.2 billion).

Known in Portugal as the “European bazooka”, this special funding will be channeled into three major areas – Resilience, Climate Transition, and Digital Transition, which are themselves organized into 20 components, 37 reforms, and 83 investments measures.

 

Opportunities for investment!

As the Agency for Competitiveness and Innovation, IAPMEI will be responsible for acting as an intermediary or executor for multiple RRF initiatives aimed at business investment. This means entrepreneurs can apply for funding once specific calls are open!

Inside the Resilience domain, there is a total of €1.1 billion, which are planned to finance the following measures:

    • Creation of agendas for the Reindustrialization;
    • Kickstarting of the Interface Mission, whose aim is to renew the scientific and technological support network, seeking its orientation towards the productive fabric.

On the other hand, a total budget of €7.1 million has been assigned for the challenges associated with the Climate Transition and, more specifically, with the decarbonization of the industry, expressed through:

    • promotion and financial support to the industry, with the aim of allowing a multidimensional intervention in the environmental field.

Finally, €6.5 million will be allocated to the Digital Transition. With this set of measures, efforts will be made to promote the digitization of companies, namely by:

    • enhancing the digital skills and qualifications of employees;
    • updating business models and production processes;
    • creating platforms for digital commerce;
    • implementation of disruptive technologies that add value and promote digital entrepreneurship.

As reported by IAPMEI, these measures will allow:

    • the retraining of 36,000 workers;
    • support for 30,000 SMEs;
    • the development of 10 digital accelerators;
    • streamline consultancy and training in the area of ​​industry 4.0;
    • the issue of 3,000 vouchers for start-ups.

If you are looking for more information about the Recovery and Resilience Facility or would like to invest in Portugal, feel free to reach us anytime!