Banco de Fomento's support for industry and defence to be decided by the end of the month
Banco de Fomento already has nearly 95% of applications approved in the defence and reindustrialisation areas under the new Financial Instrument for Innovation and Competitiveness (IFIC). The approvals are expected to be announced at the end of the month, the bank’s CEO said on Friday. “We are now formalising these approvals, namely the indicators ...”
Development Bank backs bid for AI gigafactory in Sines
The president of the Development Bank said Portugal will bolster its bid for an EU competition to site an Artificial Intelligence 'gigafactory' in Sines, including by increasing planned investment to improve chances of winning the project. Officials argue the move would create jobs and high‑tech capacity if selected, though competition across EU member states remains strong. Local authorities and potential investors should watch for further funding details and EU timelines.
An AI gigafactory is a very large industrial facility focused on producing hardware and infrastructure for artificial intelligence—such as specialised chips, accelerators or large‑scale data‑centre components—at industrial scale to meet rising demand. Portugal’s bid for an AI gigafactory in Sines aims to attract EU investment, create jobs and strengthen local supply chains; if successful it would bring major industrial investment to the region, so residents and investors in Sines should follow the competition run by the European Commission.
