The Vice-President of the Government considered the rate at which applications for support measures to investment projects are being submitted as "very positive and encouraging," adding that it is "a sign that the incentives for economic development have reached Azorean entrepreneurs."

The statements were made by Sérgio Ávila after a proposal made by the selection commissions of the subsystems to support Local Development and Strategic Development under the Incentive Scheme for Regional Development (SIDER) regarding the Government's approval of 25 new projects that represent a global investment of 33 million Euros and the creation of 118 new jobs.

A total of 20 projects have been approved under the subsystem to support Local Development in the areas of trade, services and in the restaurant sector, which corresponds to an overall investment of six million Euros and the creation of 56 jobs.

The funds allocated to these projects involves an investment of 1.4 million Euros that will granted in the form of non-repayable subsidy and 800 thousand Euros in the form of repayable subsidy with estimated interests of 200 thousand Euros.

Under the subsystem to support Strategic Development, a support measure targeted at projects with relevant size and importance as well as with significant impact on the development of regional economy, five applications were approved in the areas of environment, namely in the production of energy from renewable sources and waste management.

These projects represent a total investment of 27 million Euros and the creation of 62 new jobs. Of the total amount, 12.1 million Euros will be allocated in the form of non-repayable subsidy and 5 million Euros in the form of repayable subsidy with estimated interests of 1.8 million Euros.

Sérgio Ávila stressed the importance of "the amounts granted and the areas where the investments will be made," adding that, to date, 846 applications have been submitted under SIDER, involving a global investment of 521.4 million Euros and the creation of 2,628 new jobs.

"The continuous effort to boost the economy and create or maintain jobs requires a strong commitment to fostering entrepreneurship and harnessing the Region's potential in all areas, from services to energy production from renewable sources, such as the case of the latter projects," stressed the Vice-President of the Government.

The support allocated by the Government of the Azores under SIDER during the current framework reaches a global amount of 192 million Euros.