Portugal: Public Investment Management Assessment with the Climate Module

This report presents the findings of the Public Investment Management Assessment (PIMA) and the Climate PIMA (C-PIMA) conducted for Portugal at the request of the Ministry of Finance. Despite a variable level of public investment in recent decades, Portugal has developed a reasonable level of public infrastructure, much of it delivered through PPPs. This assessment finds that Portugal’s infrastructure governance framework is generally strong but identifies scope for improvement across the lifecycle, especially in strategic planning, multiyear budgeting, project appraisal, maintenance and investment implementation. The complementary Climate PIMA shows progress in integrating climate considerations with scope to further embed climate-sensitive project appraisal and budgeting practices. The report recommends strengthening medium-term strategic planning and budgeting, reinforcing Ministry of Finance oversight in early project stages, enhancing project preparation and appraisal practices, streamlining execution processes, continuing to embed climate considerations in investment management and building capacity across the public sector.