Industrial and Commercial Fund hands out MOP48 mln in Q2

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The city’s Industrial and Commercial Fund disbursed total subsidies of MOP48 million (US$6 million) to 677 individuals and institutions in the second quarter of 2017, according to the latest data released in the Official Gazette.
The largest support granted between April and June was a MOP25.4 million subsidy provided to cover the fiscal expenses of establishing the Fund for Development Co-operation between China and Portuguese-speaking Countries headquarters in the MSAR, incurred by the locally registered financial company created to manage the fund.
The US$1 billion (MOP8 billion) fund for financing the economic and social development programs of Portuguese-speaking countries was officially moved from Beijing to the MSAR in June during the 8th International Infrastructure Investment and Construction Forum (IIICF).
The fund was set temporarily in the Business Support Centre, a department under the Macau Trade and Investment Promotion Institute (IPIM), and will be moved later to a trade co-operation service platform complex for China and Portuguese-speaking countries to be developed near Nam Van Lake.
The second largest support was granted to the Industry and Commerce Federation of Macau Central and Southern District, a MOP2.9 million subsidy to partially finance the organising expenses of its Pagoda Night Fair.
The third largest beneficiary was Transferência Electrónica de Dados – Macau EDI VAN, S.A. – a government-owned company which received MOP2.3 million in financial support.
In total, the Industrial and Commercial Fund disbursed MOP57.4 million in the first half of this year.