On Wednesday, in Angra do Heroísmo, the President of the Government of the Azores assured that the government would continue supporting the private sector but he also asked for companies to act responsibly.

Carlos César was speaking at ceremony for the signing of protocols with 12 financial institutions regarding the establishment of two lines of subsidised credit to support Azorean companies in this period of international financial crisis.

The President underlined that this agreement with the financial institutions was only possible due to the credibility of the Region, which resulted from the sensible policies adopted by its government.

He emphasised that: “This capacity follows naturally from the good management of regional public finances”, adding that “without this background and capital of thrust, which the government of the Azores has projected, the financial institutions and the companies would not have recognised the Government as a valid interlocutor in these questions.”

The President of the Government underlined that “the diversification and reinforcement of private sector investments” that was achieved in the Azorean economy was positive and we must “insure that we will not regress.”

He said that public investment should be, above all, directed at the reinforcement of the productive capacities of the private sector, adding that “the presence of the state should be ever more attentive, meticulously regulatory, but not impeding private initiative or the functioning of markets.”

On the other hand, the Vice-President, Sérgio Ávila, explained that accessing these available credit lines is a “simple process, non-bureaucratic and rapid” thus enabling companies to consult with their financial institutions, where their applications will be analysed in a short period of time and soon thereafter approved by the government, if in accordance with the stipulated rules and credit thresholds.

At the ceremony, the Regional Secretary for the Economy underlined the rapid response of the Government to the present crisis and to the present needs of Azorean companies that are operating in a “less favourable” environment.

Vasco Cordeiro regretted, on the other hand, that in such a complex situation, there are “those, politicians included, that do not present proposals, and that by tacit or explicit means, seek to convey the idea that, in such times, it is best to wait and see, postpone projects, waiting indifferently and with one’s head stuck in the stand, waiting for the torment to pass and for the weather to improve.”

One of the protocols signed on Wednesday by the Vice-President of the Government, in representation of the Region, concerns the credit line “Açores Investe” (Invest Azores), in the order of 40 million euros, which is destined to reinforce the current account funds or permanent funds of companies, making available additional resources, facilitating access to financing (credit) and reducing the service costs of such financing.

The other credit line concerns the restructuring of bank debt, which will enable the restructuring of banking debt up to a total amount of 100 million euros, thus contributing to and supporting the reduction of financial service costs of companies, compensating them for the negative impact, on their cost structures, of the interest rate increases that took place in the past few years.

These are the banking and financial partners of the Government in this initiative: GARVAL, LISGARANTE, NORGARANTE, BPI, BCP, BES/Açores, CGD, Santander, BANIF, Caixa de Crédito Agrícola Mútuo dos Açores, Caixa Económica da Misericórdia de Angra do Heroísmo and Montepio Geral.