"Applications for this joint issuance of bonds by a range of tourism companies will be open from today, 17 June, and until 15 July, with a view to the issuance reaching a minimum total amount of 100 million euros,” the Ministry of Economics stated in a statement. “The term of this issue will be seven years, with a maximum financing of 15 million euros per company."

The bond loan is aimed, in particular, at small and medium-sized enterprises (SMEs) and larger ones with up to 3,000 workers – all in the tourism sector.

According to the ministry, this is the first time such a bond loan has been launched in Portugal "accessible to a wide range of SMEs”. The bonds are to be placed with “institutional, national and international investors".

In the same statement, the minister for economy, Pedro Siza Vieira, is quoted as stressing that this latest instrument “adds to the more than [4 billion] euros made available to companies throughout this parliamentary term” and reflects “the better articulation between the different financial institutions of the Ministry of Economics, which led to the establishment last week of the council for the coordination of institutions for the financing of the economy.

“Our main goal is to support companies in diversifying their sources of funding, and with this first issue in the tourism sector we are trying to test the market and assess the possibility of extending other sectors, " he said.

After applications are in, a selection will be made of the companies, which "will have to meet a range of economic and financial ratios".

The loan is to be backed by a state guarantee that will cover the risk of about 30% of the operation, with “an international credit agency” to assess the bonds’ credit rating.