PRR

The role of the Portuguese Development Bank under the PRR

Following the impacts of the COVID-19 pandemic on European economies, the European Council created Next Generation EU, a recovery instrument, from which the Recovery and Resilience Mechanism (RRM) is developed, which includes the Recovery and Resilience Plan (PRR) amounting to 16.6 billion EUR to be disbursed by the EU, with an execution period until 2026.

Portugal’s recovery and resilience plan, a strategic national public policy instrument, aims to prepare the country for the future by implementing a set of reforms and investments aimed at restoring the country’s sustained economic growth. These are organized into 20 Components grouped around three key dimensions: Resilience, Climate Transition, and Digital Transition.

Under the PRR, Banco Português de Fomento (BPF) has been given an important role, specifically in the structuring and distribution of capital and quasi-capital solutions, amounting to a total of 1.425 billion euros, as part of Component C5 | Business Capitalization and Innovation.

BPF Measures under Component C5 | Business Capitalization and Innovation of the PRR

Integrated into the Resilience Dimension of the Recovery and Resilience Plan (PRR), Component 5 | Business Capitalisation and Innovation aims to increase competitiveness and resilience of the economy through R&D, innovation, diversification, and specialization of the production structure.

It focuses on supporting the capitalisation of the business fabric and minimizing market failures in access to finance by creating, developing, and financially empowering Banco Português de Fomento to create financial conditions for the viability of projects of national strategic interest.

Within this component, BPF is involved in the measures "Recapitalising the Business System of the Azores" and "Business Capitalisation and Financial Resilience / Banco Português de Fomento."

Here are the solutions already made available under these measures:

In this context, the Azores Business Capitalization Fund (FCEA) was created in 2021 through the Resolution of the Azores Government Council No. 276/2021 of November 22, with a total allocation of up to €125 million from the Regional Government of the Azores, originating from the PRR allocations, and with BPF as the managing entity.

Programme with allocation from the FCEA:

1)    Capital Participativo Açores I Programme

Learn more about the Capital Participativo Açores I Programme, launched with an allocation of up to €20 million.

  • The first call for the accreditation of entities as Financial Intermediaries took place between July 25 and October 13, 2023. To expand the network of commercial banks as Financial Intermediaries, a second call was opened between November 15 and December 6, 2023.
  • The submission period for applications by Final Beneficiaries (companies) began on 1 November 2023, immediately after the accreditation of Financial Intermediaries, and will end on 31 December 2025. Applications will be assessed throughout this period in chronological order of submission (FIFO methodology – "first-in-first-out").

For more information, please refer to NOTICE No. 03/C05-i04-RAA/2023.

2)    Capital Participativo Açores II Programme

Learn more about the Capital Participativo Açores II Programme, launched with an allocation of up to €50 million.

  • First Phase of the Programme: Accreditation of Coinvestors - until June 30, 2024
The application period for entities wishing to be accredited as Coinvestors under this programme begins after the publication of this Product Sheet and ends at 11:59 PM (Azores Standard Time - AZOT) on June 30, 2024.

  • Second Phase of the Programme: Applications from Final Beneficiaries - until March 31, 2025
The period for the submission of applications by Final Beneficiaries will begin after the accreditation of the coinvestors and end at 11:59 PM (Azores Standard Time - AZOT) on March 31, 2025. This deadline may be modified or extended by BPF at any time, according to the investment policy of the FCEA. Companies may submit their application to the Coinvestors, who will be disclosed after their selection.

 For more information, please refer to AVISO N.º 04/C05-i04-RAA/2024.

 

In this context, the Capitalization and Resilience Fund (FdCR) was created in 2021 through Decree-Law 63/2021, dated July 28, with the current wording in force. The FdCR has an initial allocation of €320 million through IAPMEI, originating from PRR allocations (with a planned total allocation of up to €1,300 million), and is managed by Banco Português de Fomento (BPF).

Programmes with funding from the FdCR:

1)    Strategic Recapitalisation Program

Learn more about the Strategic Recapitalisation Programme, launched with a budget of up to €200 million.

The deadline for receiving applications ends on 31/12/2025. For more information, please refer to NOTICE No. 01/C05-i06.01/2022..

You can view the list of approved operations in the download section at the end of the Strategic Recapitalisation Programme.

Applications closed on February 23, 2026.

2)    Consolidate Programme

Learn more about the Consolidate Programme, launched with a budget of up to €533 million.

The deadline for receiving applications closed on 15/02/2022. For more information, please refer to NOTICE No. 02/C05-i06.01/2022.

You can view the list of approved operations in the download section at the end of the Consolidate Programme page.

3)    Venture Capital Programme

Learn more about the Venture Capital Programme, launched with a budget of up to €367 million.

Under the initial selection phase, the deadline for receiving applications closed on 14/02/2023. For more information, please refer to NOTICE No. 03/C05-i06.01/2022.

4)    Deal-by-Deal Co-investment Programme

Learn more about the Deal-by-Deal Co-investment Programme, launched with a budget of up to €200 million

The deadline for receiving applications ends on 31/12/2025. For more information, please refer to NOTICE No. 04/C05-i06.01/2022.

Applications closed on February 23, 2026.


The Financial Instrument for Innovation and Competitiveness (IFIC) is a system of incentives for business innovation, framed within Component 05 of the PRR – Business Capitalisation and Innovation, established by Portaria n.º 286/2025/1.

As part of the reprogramming of the Recovery and Resilience Plan (PRR), IFIC combines grant-based and equity investment instruments aimed at supporting business investment projects in innovative and qualified activities, as well as research and development processes. It aligns with the major objectives of national economic and technological transformation and with the European strategy for sustainable and digital growth.

Calls for proposals under IFIC should be consulted on the EMRP website under Applications – Recovery and Resilience Plan – Recover Portugal.

1) Grants:
Applications for grant lines are submitted online via the General Information System for End-Beneficiary Support (SIGA-BF) of the Recover Portugal Mission Structure.

2) IFIC Capital Investment:
This corresponds to the fourth call under IFIC, aimed at equity investment to boost Deep Tech companies.

Applications under this Call are submitted in two phases:

  • Phase I: from 22/10/2025 until 23:59 on 21/11/2025;
  • Phase II: from 09:00 on 05/01/2026 until 17:59 on 04/02/2026, if it is anticipated that the applications submitted in Phase I will not exhaust the budget allocation defined in point 10 of this Call.

Execution Data – FdCR and FCEA

Communication and Information Obligations

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