PM states Portugal will invest 43 billion euros in large infrastructure by 2030

Portugals Prime Minister, Antonio Costa has announced that Portugal will invest 43 billion euros in public infrastructure before 2030. Projects are to include a high-speed rail link between Lisbon and second largest city, Porto.

The plan, already approved by parliament, is due to be implemented from January 1, 2021, financed with 12 billion euros from the national budget, another 12 billion from European structural funds, 3.3 billion from recovery funds and 14.2 billion from private investment, Costa said.

Investments will focus on transport and energy, the Prime Minister said, with a total of 21.7 billion euros alloted for transport projects and 13 billion euros going towards clean energy projects, focussing around hydrogen production.

The much-anticipated high-speed rail connection is projected to cost 4.5 billion euros, with another two billion euros set aside for expansion of deepwater ports in Sines, Leixoes and Lisbon.

Speaking at a news conference last week Costa said “Economic development involves an increase in the production of tradeable goods and services, giving us greater external competitiveness and increasing exports.” 

Portugal’s government predicted that the country’s gross domestic product, projected to fall by 8.5% in 2020 – the worst recession in nearly a century – will bounce back with 5.4% growth in 2021.