World

Portugal sets aside 150m euros to offer credit to firms hit by Thomas Cook collapse

27 September 2019 - 39   - 0

 The Portuguese government has earmarked 150 million euros ($164 million) worth of credit to help local companies affected by the collapse of British travel firm Thomas Cook, the cabinet said on Friday.

Each firm is eligible for up to 1.5 million euros of credit and can apply for a loan by calling a purpose-set helpline.

Portugal was little affected by cancellations of Thomas Cook flights but the tourist-packed Algarve region fears hotel bills will be left unpaid as the holiday season draws to an end.

In a statement, the government said it will also make available 2.25 million euros specifically to help the Algarve region in southern Portugal and the island of Madeira cope with the collapse.

The statement said those two regions were the most affected, but provided no details.

The cash will be used by those areas to try and generate holiday demand from the UK, Germany, France, Netherlands, Ireland, Poland and Nordic markets, the government said.

Tourism bodies will meet on Saturday to assess the situation and decide on next steps.

(REUTERS)

  Comments - 0

  • Leave a comment



Top Stories

Prime Minister's Secretary before Presidential Commission tomorrow

Prime Minister's Secretary Saman Ekanayake has been asked to appear before the Presidential Commission of Inquiry (PCoI) probing state sector c...

21 October 2019 - Views : 56

Gotabhaya blames current government for neglecting national security

21 October 2019

Chilaw PS member arrested after attempting to stab wife

21 October 2019

Dissanayake vows to transform Trinco oil farm into international storage facility

21 October 2019

Features & Analysis

Special screening programme for breast cancer at Early Detection Centre in Narahenpita

October is designated as ‘Breast Cancer Awareness Month’, worldwide. Cancer ranks amongst the leading thr...

The Wolf is back! ‘Big Bad Wolf Book Sale’ to get underway from tomorrow

The wolf is here with books for us to devour! The highly anticipated ‘Big Bad Wolf Sale’ which is open to...

Toyota's latest Rav4, Corolla and HIACE hit the streets

Toyota Lanka (Pvt) Ltd, the sole authorized dealer for Toyota vehicles and spare parts in Sri Lanka recently launched...

English Lit Societies of Ladies and STC present LitCon

The English Literary Societies of Ladies' College and S.Thomas' College Mt.Lavinia proudly present LitCon ...