A PYMNTS Company

EU OKs French Pans To Provide €7Bn To Support Air France

By  |  May 4, 2020

The European Commission has approved, under EU State aid rules, a €7 billion French aid measure consisting of a State guarantee on loans and a shareholder loan to Air France to provide urgent liquidity to the company in the context of the coronavirus outbreak. The measures were approved under the State aid Temporary Framework adopted by the Commission on 19 March 2020, as amended on 3 April 2020, and directly based on Article 107(3)(b) of the Treaty on the Functioning of the European Union (TFEU), respectively.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “The aviation industry is important in terms of jobs and connectivity. In the context of the coronavirus outbreak, Air France has also been playing an essential role in the repatriation of citizens and for the transport of medical equipment. This €7 billion French guarantee and shareholder loan will provide Air France with the liquidity that it urgently needs to withstand the impact of the coronavirus outbreak. We have cooperated closely with France, as with many other Member States, to ensure that public support to tackle the current crisis can be put in place as quickly and effectively as possible, in line with EU rules. France has also announced plans for certain green policy choices as regards Air France. Good. Member States are free to design measures in line with their policy objectives and EU rules.”

    Full Content: Europa

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.