474 COMPETITION LAW IN TOURISM When describing BPF’s remit of activities, the European Commission states that the same “will act as an impact investor, i.e. when investing it will also take into account broader societal returns potentially at the expense of financial returns. BPF will invest by means of both aided and de minimis measures. Furthermore, BPF will implement market economy operator (“MEO”) measures. If possible, BPF will invest on an MEO basis but it may deviate from the MEO principle if this is necessary to achieve the targeted societal returns. Concretely, this entails for instance a longer duration of the financing/investment, a higher risk profile than other investors or a discount on the financing rate”. More “Concretely, BPF will focus on improving access to finance for projects in research and innovation, sustainable infrastructure, social investment and skills as well as projects increasing the competitiveness of Portuguese companies and encouraging investments by the public sector. The Commission found that the creation of BPF is an appropriate and proportionate solution to provide additional financing to companies and projects that would otherwise remain underfinanced because of market failures. Furthermore, BPF will implement safeguards to ensure that the State-supported institution does not crowd out private financial institutions”168. According to what is provided in the decision, “In case BPF were to provide, on an MEO-basis, loans, quasi-equity investments and equity investments, directly or indirectly (through another entity), to SMEs, small mid-caps, mid-caps or larger companies that do not fall within the scope of ex ante determined market failures, Portugal submits that a specific market failure study will be notified to the Commission before implementing such financing activities”. Moreover, “BPF will provide funding to financial intermediaries on the condition that all advantages are passed on to the level of the final beneficiary. In addition, BPF’s funding will be available to all financial intermediaries and will be distributed based on a fair, open, transparent and competitive process. In addition to this, “Under the agreements/protocols to be concluded with partner institutions, BPF will always seek to promote the risk sharing with the funding institutions and secure more appropriate price, attending to the company’s rating. This risk sharing in co-financing of SMEs activity should also ensure leverage of the private sector”. 168 See the press release, available at: https://ec.europa.eu/commission/presscorner/detail/en/mex_20_1444.
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