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EC approves Romanian aid for businesses

Fri, Dec 04 2009 12:08 CET

byThe Sofia Echo Staff

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EC approves Romanian aid for businesses

The European Commission (EC) has approved a Romanian measure to help businesses to deal with the current economic crisis, the EC said on December 4 2009.

Aid of up to 500 000 euro a firm may be granted until 2010 to businesses facing funding problems because of the current credit squeeze.

The EC said that it had authorised the scheme under EU rules on state aid.

"The scheme meets the conditions of the Commission’s temporary framework for state aid measures, as it is limited in time, respects the thresholds, and is addressed to companies which were not in difficulty before July 1 2008," the EC said.

"The scheme will help alleviate the difficulties faced by Romanian businesses affected by the current situation without giving rise to any undue distortions of competition," Competition Commissioner Neelie Kroes said.

"The Commission was able to approve the measures quickly thanks to the excellent cooperation with the Romanian authorities," she said.

The scheme is based on the provisions of the temporary framework that deals with compatible aid of a limited amount.

In particular, the maximum amount of aid does not exceed 500 000 euro for each company and the scheme applies only to businesses which were not in difficulty on July 1 2008.

The aid will be granted in form of direct grants, interest rate subsidies, subsidised public loans, rescheduled public debt waiving the interest rates.

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