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SOCIAL INNOVATION through ESF funding in PORTUGAL

19/11/2018

The Portuguese Government has announced an ESF funded Financial Instrument at the Web Summit in Lisbon.

The Portuguese Government has announced an ESF funded Financial Instrument at the Web Summit in Lisbon.   

The Financial Instrument (FI) takes the form of a wholesaler fund, managed by financial intermediaries, to allow capital to flow through retail structures to social innovation and entrepreneurship initiatives.      

It was approved further to the on-going reprogramming of the ESF OPs for Portugal and has an allocation of €100 million. This consists of an ESF contribution of €70 million, a national public contribution of €12 million and a private contribution of €18 million.

The launch of the FI has received a huge amount of coverage by the Portuguese press and the ESF has been quoted prominently and positively by sources, including national newspaper Publico, which said: “The Web Summit was the stage for the presentation of a new fund to support social innovation in Portugal for SMEs and social organizations. It is the first financial instrument created under the European Social Fund.  “The Portugal Social Innovation program is the first to use EU funds to boost innovation in one of the Member States.”         

Discover everything you need to know about the Financial Instrument here: https://www.fis.gov.pt/