KfW is advising Portuguese Government in implementing specialized financial institution
News from 2013-10-28 / Group
Today the Portuguese Government, represented by Maria Luis Albuquerque, the Minister of State and Finance, Miguel Poiares Maduro, the Minister in the Cabinet of the Prime Minister and for Regional Development and António Pires de Lima, the Minister of Economy met with Dr Ulrich Schröder, Chief Executive Officer of the KfW Group. In the meeting it was discussed that the continuing difficult financial conditions resulted in a shortage of financial capital, necessary to stimulate and foster economic growth and employment.
The meeting was followed by the signature of a protocol between the Portuguese Government represented by Manuel Luis Rodrigues, Secretary of State of Finance, Manuel Castro Almeida, Secretary of State for the Regional Development and Leonardo Mathias, Secretary of State Assistant to the Minister and for Economy, and KfW represented by Dr Ulrich Schröder.
KfW is one of the world’s leading and most experienced promotional banks. Its involvement on the implementation of a specialized financial institution would be instrumental to build such an institution according to the best international practices, namely benefiting from the vast experience of KfW activities, promoting growth and employment since 1948.
The objective of this protocol is to promote and formalise the cooperation between the Parties for KfW to assist the Portuguese Government on the implementation of a specialized financial institution with lending mechanisms designed to finance corporates, namely Small and Medium Enterprises, and thus stimulate growth and employment opportunities. KfW is also willing to assess and discuss with the German Government possibilities of financing Portuguese Small and Medium Enterprises through this specialized financial institution.