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Portugal receives 21 billion Euro grant

10th September 2007: Algarve Property News

Portugal has recently taken on the EU Presidency, which will undoubtedly raise its public profile, but in addition to this honour, they will now receive a 21 Billion Euro grant to help further develop the country. This grant will enhance its strong position in Western Europe and with the upgrading of infrastructures, will again encourage more people to invest there.

Prime Minister José Sócrates joined Economy Minister Manuel Pinho recently in the presentation of ten new hotels for the Algarve, that globally represent an investment of 1.5 billion Euros. Amongst the new units, eight of which are five-star hotels, is the Hilton Vilamoura (the first Hilton to open in Vilamoura) which will be up and running this year.

Together, the 10 hotels will create more than 6,000 new jobs and increase the present accommodation capacity by 5,400 beds. State Secretary Bernardo Trindade was also present at the grand unveiling, entitled, ''Algarve with a future - ten new projects of excellence'', which took place in Lagos and integrates the Government's plan to double the number of five-star hotels in the region by 2010.

Meanwhile the rest of the country also looks to be on the brink of a promising tourism explosion. A large amount of money will be spent on new units to be built throughout the country before 2011 and whose projects are considered priority to the evolution of Portugal's tourism.

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