Commission Approves Czech Scheme Of Up To €37M To Cover Hit Firms

The European Commission has approved a Czech aid scheme of up to CZK 1 billion (US$40.4 million) to support investments by small and medium-sized enterprises (SMEs) in the production of products that are relevant to the coronavirus outbreak. The scheme was approved under the State aid Temporary Framework adopted by the Commission on 19 March 19, 2020, as amended on April 3, 2020.

Executive Vice-President Margrethe Vestager, in charge of competition policy, said, “Speeding up the production of products relevant to tackle the coronavirus outbreak, such as medicines, medical equipment and protective clothing, is of utmost importance to address the current health crisis. This Czech scheme of up to €37 million will incentivise companies to direct their activities to production of these crucial products. We continue to work closely with all Member States to find solutions to fight the pandemic, in line with EU rules.”

Czechia notified the Commission under the Temporary Frameworka scheme to support investments in the production of coronavirus-relevant products. The scheme will have an initial budget of CZK 300 million (US$ 12.1 million). Such budget may be subsequently increased to up to CZK 1 billion (approximately €37 million).

Full Content: Europa

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