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EU Approves €2B Finnish State Aid Scheme

 |  April 21, 2020

The European Commission has approved a €2 billion (US$2.17 billion) Finnish aid scheme to support the Finnish economy in the context of the coronavirus outbreak. The scheme was approved under the State aid Temporary Framework adopted by the Commission on March 19, 2020, as amended on April 3, 2020.

Executive Vice-President Margrethe Vestager, in charge of competition policy, said, “The €2 billion scheme will enable Finland to grant loans at favourable terms and to provide public guarantees on loans to companies affected by the coronavirus outbreak. It will help businesses cover their immediate investment and working capital needs, and support them to continue their activities and maintain employment during and after the crisis. We continue to work closely with all Member States to ensure that national support measures can be put in place in a timely, coordinated and effective way, in line with EU rules.”

Finland notified the Commission under the Temporary Framework a €2 billion scheme to support companies affected by the coronavirus outbreak. The scheme will be managed and implemented by the State-owned Specialised Financing Company.

Full Content: Europa

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