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Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.

Factsheet for measure PT-2021-31/2065 – measures in Portugal

Companies Capitalisation Fund

Fundo de Capitalização de Empresas

Country Portugal , applies nationwide
Time period Temporary, 29 July 2021 – 31 December 2021
Context COVID-19, European Semester
Type Legislations or other statutory regulations
Category Supporting businesses to stay afloat
– Access to finance
Author Heloisa Perista and Maria da Paz Campos Lima (CESIS)
Measure added 19 October 2021 (updated 18 November 2021)

Background information

Given the current scenario and what is expected in the near future, namely in terms of progressive deconfinement, the Government believes it is necessary to adopt additional measures to strengthen the solvency of viable companies that are suffering a significant drop in turnover due to the extended duration of the reduction of activity in certain sectors most affected by the pandemic.

The Decree-Law 63/2021 of 28 July creates the Companies Capitalisation Fund. This has multiple aims:

  • to protect the productive fabric until a level of vaccination is possible that allows the recovery of confidence and economic activity in all sectors that still feel restrictions;
  • to avoid a structural negative impact that disrupts the recovery of the Portuguese economy;
  • and to protect employment in the sectors most affected by the pandemic.

This decree-law was rectified by the Declaration of Rectification 28/2021 of 25 August.

Content of measure

This decree-law creates the commercial companies capitalisation fund, the purpose of which is, inter alia, to strengthen and restore the solvency of companies (mostly small and medium-sized enterprises) that are viable in the medium and long term, but whose balance sheets and markets have been affected by the effects of the COVID-19 pandemic.

It approves an amendment to Decree-Law 10-J/2020 of 26 March, in its current wording, which now allows the object of the Mutual Counter-guarantee Fund to include, also on an exceptional and temporary basis, to deal with the economic impacts resulting from the COVID-19 pandemic, the provision of guarantees for companies as beneficiaries, including for supporting, until 31 December 2021, restructuring or refinancing processes of credit operations previously contracted, provided there is recognition by the managing company Banco Português de Fomento, S. A. (BPF, of its relevant interest in supporting the economic and financial recovery of these companies.

The purpose of the Fund is to:

  • Provide temporary public support to strengthen the solvency of commercial companies operating on national territory that have been affected by the impact of the COVID-19 pandemic;
  • Support the reinforcement of capital of commercial companies in the initial phase of activity or in the process of growth and consolidation.

The Fund has an initial endowment of €320 million, through IAPMEI, I.P., with funds from loans granted to it by the Portuguese state under the Recovery and Resilience Plan, without prejudice to additional allocations made possible by other sources of European funds.

The Fund shall be wound up after 10 years, without prejudice to the possibility of extension of its duration for consecutive periods of five years, up to a maximum total of 10 years, by decision of the members of the government responsible for the areas of economy and finance, following a proposal by the management company.

Use of measure

Information not yet available.

Target groups

Workers Businesses Citizens
Does not apply to workers SMEs
Does not apply to citizens

Actors and funding

Actors Funding
National government
Company / Companies
European Funds
National Recovery and Resilience Facility

Social partners

Social partners' role in designing the measure and form of involvement:

Trade unions Employers' organisations
Role Consulted Consulted
Form Consultation through tripartite or bipartite social dialogue bodies Consultation through tripartite or bipartite social dialogue bodies

Social partners' role in the implementation, monitoring and assessment phase:

  • No involvement
  • Main level of involvement: Peak or cross-sectoral level


Social partners were consulted at the Standing Committee for Social Concertation.

Views and reactions

Social partners' views are not known.



Eurofound (2021), Companies Capitalisation Fund, measure PT-2021-31/2065 (measures in Portugal), EU PolicyWatch, Dublin,


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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.