LISBON, April 2 (Xinhua) -- Portuguese Prime Minister Luis Montenegro on Thursday announced a 600-million-euro (696 million U.S. dollars) credit line to support companies facing sharply rising energy costs amid the ongoing Middle East conflict.
"This will strengthen companies' ability to respond to international instability and safeguard our competitiveness, employment, and the resilience of our national productive base," Montenegro said during a ceremony marking the government's second anniversary.
The program, named Portugal Energy Resilience, will be operated through the state-owned Banco Portugues de Fomento and targets companies whose energy costs account for more than 20 percent of total production costs.
The funds will be made available as credit to cover liquidity and working capital needs.
Under the scheme, the state will provide public guarantees covering 70 percent of loans for large companies and 80 percent for small and medium-sized enterprises. ■
