commiss decis octob propos portug grant aid vila galé cintra internacion investimento turístico sa notifi document number portugues text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis cite procedur letter date februari perman represent regist receiv commiss februari portugues author notifi commiss propos aid vila galé cintra internacion investimento turístico sa letter date april perman represent regist receiv commiss april provid commiss inform letter sg date juli commiss inform portugues republ decis initi procedur laid articl ec treati respect aid letter no date juli date august date juli perman represent regist receiv juli august juli portugues author present observ abovement procedur commiss decis initi procedur publish offici journal european commun octob commiss call interest parti submit comment aid month date commiss receiv comment interest parti ii detail descript aid invest object notifi measur consist grant aid vila galé cintra internacion investimento turístico sa hereinaft vila galé cintra financ part cost incur enterpris acquir refurbish unfinish build locat state ceará brazil build acquir septemb transform star hotel open octob fulli oper present measur consist individu applic respect scheme measur cover period aim promot modern competit entrepreneuri strategi individu applic notifi fall specif invest categori scheme invest relat internationalis econom agent scheme measur promot internationalis project portugues firm tax benefit scheme recipi aid recipi meet criterion independ consid sme vila galé cintra own enterpris fall definit sme enterpris small player annual balanc sheet total valu eur million eur million annual turnov eur million eur million portugues market share sharehold vila galé brazil sector activ cintra construct vila galé tourism fcr risk capit tourism sector aid measur aid instrument purpos present project repay grant portugues author intend make de minimi regul soft loan scheme part financ commun fund erdf tax credit scheme data relat measur elig invest eur elig cost acquisit build eur extern infrastructur work eur civil engin eur equip eur studi project eur soft loan nomin amount loan eur aid amount nge term eur net aid intens tax credit tax credit involv estim aid nge term eur net aid intens total amount aid total amount aid soft loan tax credit nge term eur total net intens aid iii articl procedur ground initi proceed ground decid initi proceed case twofold time decis commiss consid portugues author demonstr state aid need reduc offset underli polit econom risk brazil harbour doubt aid purpos plan invest state unequivoc aid facilit econom activ benefit exempt articl ec treati comment portugues author letter date juli august portugues author present observ essenc contest argument basi commiss initi proceed doubt exist signific risk uncertainti brazilian market justifi grant state aid necess criterion met exist signific risk uncertainti brazilian market portugues author inform commiss compani belong grupo cintra sharehold vila galé cintra involv invest project scrutini busi relationship grupo cintra beer sector brazil state decis initi formal investig procedur invest project repres foreign ventur compani involv fact portug lead foreign investor brazil preclud exist high market risk uncertainti featur brazilian market fact relat pronounc exchang rate volatil real hand instabl brazilian capit market brought recent econom financi crisi argentina propos state aid intend compens risk uncertainti risk share leverag reduct financi cost link invest project portugues author conclud invest made brazil entrepreneur determin addit risk inher invest notwithstand exist market condit fulfil necess criterion portugues author argu fact recipi complet invest open hotel decis grant aid rule incent effect aid fact applic state aid made juli invest cost incur fact invest ahead state support show determin recipi undertak foreign ventur spite addit risk involv expect relat obtain public support appli portugues author opinion recipi disadvantag ground vet applic longer period need carri invest comment interest parti commiss receiv comment interest parti iv assess aid exist state aid notifi measur specif portugues enterpris receiv fund invest tourism sector brazil part internationalis strategi aid strengthen recipi financi strateg posit obviou strengthen european enterpris carri busi eea affect trade commun view express court justic european commun judgment case tubemeus exclud aid give recipi advantag competitor oper european union invest interest invest brazil receiv aid foreign direct invest measur fund state resourc commiss consid measur distort threaten distort competit amount state aid mean articl ec treati exempt firstli propos aid measur involv commun fund erdf financ invest carri european union commiss assess possibl light commiss regul ec juli lai detail rule implement council regul ec elig expenditur oper financ structur fund fact commun guidelin framework state aid tourism sector commiss base assess directli articl ec treati exempt aid facilit develop econom activ advers affect trade condit extent contrari econom interest commiss assess aid contribut develop tourism econom activ european union advers affect trade condit member state assess aid incent effect recipi carri invest possibl alloc commun fund erdf invest carri european union articl ec treati state quot erdf intend redress main region imbal commun quot articl regul ec defin geograph elig prioriti object concern region commun regul ec mention lai elig criteria oper receiv commun fund erdf depend locat mention possibl accept oper locat region assist relat financ quot subject prior approv commiss case case basi request submit member state take account proxim oper region level benefit region foreseen amount expenditur proport total expenditur measur assist quot invest locat area distant assist region commiss consid mention condit met commiss consid notifi invest elig commun financi support erdf remaind decis assum total amount aid point paragraph fulli cover nation fund effect aid trade member state amount aid small repres net grant equival eur net aid intens elig invest small amount aid cover limit portion elig invest affect trade member state significantli recipi small player market sharehold narrowli exce threshold laid definit sme market share respect market portug market share eu neglig individu aid enterpris small market share impos neg extern aid enterpris larg market share recipi small market share limit amount aid affect posit competitor tourism hotel sector account brazilian gdp hotel brazil estim belong intern compani main european investor brazil french group accor hotel spanish group sol melia hotel notifi project invest vila galé brazil result share brazilian market insignific compar european compani mention conclud construct star hotel brazil significantli increas local suppli affect rel posit european compani establish market abil attract tourist share quot luxuri quot segment brazilian hotel market high abih nacion total number hotel bed regist star hotel market characteris larg number player european substanti market share hotel sector brazil competit market low degre concentr aid grant compani market distort competit aid grant compani highli concentr market advantag confer transfer consum retain recipi aid recipi unfavour posit compar main eu competitor higher share brazilian market recognis intern level establish market year larger size confer greater bargain power vi vi intern tourism oper result higher occup rate incom reduc rel weight commerci cost invest question requir signific local content brazil involv reloc activ portug brazil reason aid expect neg impact econom activ employ portug reason set paragraph commiss consid aid signific direct impact trade member state respect stress receiv comment interest parti contribut aid develop tourism sector portug tourism import sector activ portugues economi account gdp emploi directli indirectli peopl prioriti area portug promot cohes cohes effect recognis eu institut council resolut futur european tourism state quot tourism contribut larg fulfil target establish lisbon cardiff process attain true intern servic market conduc high level employ social welfar sustain growth qualiti life european integr social econom cohes make consider contribut object converg quot resolut emphasis quot tourism europ compris small medium size enterpris sme essenti give tourism industri access instrument framework eu increas econom perform strengthen competit quot tourism sector characteris strong vertic horizont connect sector economi develop lead develop economi aid strengthen long term posit portugues tourism enterpris enabl broaden diversifi product rang improv busi potenti strengthen recipi financi posit produc benefit portugues tourism sector reason recipi parent compani carri activ portug own fourteen hotel countri foreign ventur invest strategi concentr portug set hotel process construct success project enhanc enterpris invest capac portugues tourism market tourism sector portug domin sme account market small econom size turnov portugues tourism compani limit experi ventur abroad tend concentr activ portug assum current project demonstr effect portugues tourism market player profit sustain foreign invest project invest limit impact term direct job creation portug implement project benefit portugues compani coordin project monitor implement suppli materi equip brazilian subsidiari pai portugues parent compani manag fee servic increas turnov posit effect state tax revenu posit cash flow gener brazilian compani portugues author transfer portug primarili order repai outstand debt contract vila galé cintra financ part construct refurbish hotel debt repaid full incom brazil reinvest portug line compani strategi reason mention recit aid consid posit impact tourism sector portug equal posit effect cohes incent effect aid present case concern ventur abroad recipi sharehold experi foreign invest tourism sector mention previous compani involv invest small player market concern cost invest equival combin annual balanc sheet total valu project entail signific risk financi situat compani involv brazilian market present difficulti potenti investor firstli mark exchang rate volatil nation currenc recent econom financi crisi argentina led instabl brazilian capit market thirdli bureaucrat difficulti relat transfer financi fund brazil control central bank recipi sme mean commun definit encount similar difficulti carri type invest lack experi intern level small market share size invest compar financi posit problem specif countri make difficult enter market portugues author state applic public support made invest start carri unaid aid scheme individu applic submit claus requir applic aid submit work project start requir accord point guidelin nation region aid met present case fact recipi appli public financi assist embark invest proof requir incent effect exist reason set recit invest repres foreign ventur small enterpris volatil foreign market brazil aid consid incent effect compens recipi addit financi risk incur invest unknown riski market conclus commiss reach conclus propos aid vila galé cintra internacion investimento turístico sa respect foreign direct invest contribut develop econom activ mean articl treati advers affect trade condit member state compat common market provid financ commun fund european region develop fund grant aid portug vila galé cintra internacion investimento turístico sa form soft loan tax credit authoris provid commun fund commiss intend decis lai futur polici foreign direct invest consid invest aid grant larg enterpris view financ foreign direct invest incompat common market prove project contribut develop econom activ advers affect trade condit commun adopt decis articl aid form soft loan tax credit portug plan implement vila galé cintra internacion investimento turístico sa view financ foreign direct invest brazil subject condit set articl compat pursuant articl treati common market pursuant articl eea agreement function agreement articl soft loan tax credit grant vila galé cintra internacion investimento turístico sa financ exclus nation fund measur financ commun fund european region develop fund articl portug inform commiss month notif decis measur compli articl decis address portugues republ brussel octob commiss mario monti member commiss oj footnot approv commiss juli oj approv commiss septemb oj articl annex commiss recommend april definit small medium size enterpris oj state independ enterpris own capit vote right enterpris jointli enterpris fall definit sme small enterpris whichev appli commiss regul ec januari oj calcul base durat loan year grace period year interest rate loan refer interest rate portug applic time invest place corpor tax rate forc portug net aid element tax credit estim portugues author ecr oj rule annex regul ec rule point annex regul ec sourc abih nacion brazilian associ hotel industri quot statist nation hotel industri quot februari footnot oj oj