A PYMNTS Company

EU Proposes €5.9B In State Aid To Portugal

 |  August 25, 2020

The European Commission has presented a proposal to the Council for a decision to grant €5.9 billion in financial support to Portugal under the SURE instrument. This follows yesterday’s proposals to the Council for decisions to grant financial support of €81.4 billion to 15 Member States under the SURE instrument. 

Including Portugal, the Commission is now proposing to provide a total of €87.3 billion in financial support under SURE to 16 Member States. Once the Council approves this proposal, the financial support will be provided in the form of loans granted on favourable terms from the EU to Portugal. 

These loans will assist Portugal in addressing sudden increases in public expenditure to preserve employment. Specifically, they will help Portugal to cover the costs related to its short-time work scheme. SURE is a crucial element of the EU’s comprehensive strategy to protect citizens and mitigate the severely negative socio-economic consequences of the coronavirus pandemic.

Full Content: Europa

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