Lisbon, April 17 (IANS) The Portuguese government has announced a Recovery and Resilience Plan with 16 billion euros ($19 billion) of European Union funds to reactivate the economy after the Covid-19 crisis.

The government will inject directly 5.1 billion euros in companies, Prime Minister Antonio Costa said in a statement on Friday after introducing the plan to President Marcelo Rebelo de Sousa, reports Xinhua news agency.

Municipalities, institutions of social and solidarity economy, research centres, and institutions of higher education will also be included in the plan.

The plan, with an execution period of three years, also provides subsidies for the purchase of affordable housing and social intervention in the most disadvantaged areas, he said.

--IANS ksk/