Lisbon, Portugal, 27 April – The European Union (EU) is set to finance the conclusion of construction of the Odelouca dam in Portugal’s Algarve region, estimated to cost around 40 million euros, Portuguese financial daily Jornal de Negócios reported.
Financing had been blocked since 2003 due to a complaint made by an environmental organization, but the European Commission is expected to accept the compensation measures put forward by the Portuguese government, according to the paper.
The project is intended to supply water to the population and agricultural lands as well as producing electrical power.
Community financing is expected to total 32 million euros, or 80 percent of the total financial requirement for building the dam.
The project has already absorbed 22 million euros of Portuguese public funds, the paper reported. (macauhub)