Since the beginning, Faro2027 has presented itself as a candidate for the entire Algarve. Two years after formalizing their place in the cooproduction of the candidacy of Faro to European Capital of Culture 2027, the municipalities of Algarve have manifested their political and financial commitment to the candidacy.
In November of 2019, when signing the collaboration agreement between the Municipality of Faro, the Algarve Intermunicipality Community, the Algarve Tourism Region and the University of Algarve, the municipalities mutually agreed that the European Capital of Culture title justified everyone’s involvement and dedication.
They saw this as one of the European Union most recognized initiatives, understanding its transformative impact on the territory and its large capacity of multiplying the investment. On the 5th of November, the sixteen municipalities approved at the meeting of the intermunicipal council a manifestation of collective interest of regional investment in the scope of the candidacy of Faro to European Capital of Culture. This candidacy is recognized as a “collective wish, worthy of a vast and lasting commitment, constituting a unique and outstanding opportunity for Algarve.” It was deliberated, considering the regional component of the project, a manifestation of collective interest for regional investment of an estimated value of sixteen million euros.
Faro’s municipality will invest 10,6 million euros and the remaining amount will be divided by the other fifteen municipalities according to a criteria of distribution. The investment will happen between 2023 and 2028. The total estimated budget, which amounts to 76 million euros, will also be assured by the government, through European funds and the private sector. This investment will be directed to:
develop training and education programs
enhance the internationalization of the cultural and creative sector
creation of new audiences
increase in the number of visitors to the region throughout the year