Investment by companies applying for IFIC-Azores exceeds €252 million - Communication

Secretaria Regional das Finanças, Planeamento e Administração Pública

As of January 30, a total of 74 applications had been submitted to the IFIC – Financial Instrument for Innovation and Competitiveness, representing an overall investment of over €252 million.

The Regional Secretariat for Finance, Planning and Public Administration welcomes the strong support of the regional business community for this new instrument, which is part of the RRP for the Azores. Its implementation was only possible following the latest reprogramming and the Regional Government's efforts to ensure the necessary conditions for its implementation and adaptation to the regional reality. 

This effort has resulted in the creation of a mechanism to support business investment aligned with the Region's goals towards modernisation, competitiveness and economic growth.

The high level of participation in IFIC, both in terms of the number of applications and the amounts of investment proposed, highlights the dynamics of companies and the regional economy. It confirms that companies in the Azores are proactive and willing to implement new projects that contribute to value creation, increased competitiveness, innovation and growth.

The Regional Secretariat for Finance, Planning and Public Administration also emphasises that the outreach and engagement efforts undertaken by the Regional Directorate for Entrepreneurship and Competitiveness throughout the application period contributed to building closer ties with the regional business community and facilitated companies' access to this European funding opportunity.

The investments proposed through these applications will have a direct impact on the regional economy, contributing to greater wealth, increased business activity and job creation, with positive effects on cohesion and sustainable development in the Region.