Portugal completes all EU reforms, secures €16.3 billion in grants

Portugal has secured the full €16.3 billion ($18.98 billion) in European Union grants available under its post-pandemic recovery plan, after completing all 44 reforms mandated by Brussels, Economy Minister Manuel Castro Almeida announced on Friday.

The country was originally allocated €21.9 billion under the EU's €750 billion NextGenerationEU programme, launched in 2021. This included €16.3 billion in grants and €5.6 billion in loans. The recovery plan funds 117 investment projects, with disbursement tied to reforms across housing, healthcare, education, public administration, energy, and digital transition.

Member states were required to finish the Brussels-mandated reforms by Monday. Castro Almeida told a news conference that Portugal had "fully implemented the planned reforms and met all of the plan's milestones and targets," securing the complete grant amount.

"It would have been disastrous for the country if we had missed this opportunity," he said, adding that the loan component is also expected to be fully utilised.

Since 2021, the plan has been revised multiple times, with projects unlikely to meet the deadline replaced by others that could be completed on time. Castro Almeida noted that many removed projects would now be financed through other EU funds, the European Investment Bank, and the state budget.