These are the first transactions with Portuguese entities under the Horizon 2020 program and specifically the EU InnovFin Financing for Innovators program which seeks to see the funding distributed to appropriate entities over the next two years.


“Portugal has available formidable innovation potential and these agreements enable a larger number of companies to invest in innovation business ideas and projects,” the statement quoted European Commissioner for Research, Science and Innovation, Carlos Moedas, as saying.


In turn, Nuno Amado, Executive President of Millennium BCP, Portugal’s largest private bank, said by statement that the funding would foster "innovation and entrepreneurship, focused on the quality project essential to the country’s sustainable economic growth” before adding the guarantee scheme would be "a fundamental resource for many of the companies that do business with Millennium."


Net European Investment Bank funding to private sector capital sources had risen to over €8.8 billion at the end of 2014.