EU approves French scheme to support companies hit by Ukraine war -Breaking
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© Reuters. This picture was taken in Zenica May 28 2015 and shows euro coins in front of the displayed map of European Union. In this picture illustration taken in Zenica, May 28 2015, the president of European Central Bank warned that countries within the euro area should reform their economies to avoid future problems.(Reuters) – The European Commission approved Thursday a French scheme that will provide liquidity support up to 155billion euros ($169billion) to businesses affected by Ukraine’s economic crisis.
It is the first to be approved in the EU Crisis Framework, which was adopted last month. This temporary relief allowed the EU to relax its state aid rules after Russia invaded Ukraine.
Margrethe Vestager (Vice President European Commission) stated in a statement that “this scheme will allow France to mitigate economic impact Putin’s War in Ukraine and support companies affected in the current crisis as well the associated sanctions.”
This measure will be funded using part the budget of 300 billion euros France originally allocated to it under the three French programs that support the economy following the COVID-19 pandemic. In March 2021, they were first approved.
Beneficiaries will have the right to new loans, which will partly be covered under the guarantee of the government.
($1 = 0.9163 euros)
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