EU approves continuation of Spanish support schemes

THE European Commission has agreed that three existing Spanish schemes to support the economy following the coronavirus outbreak to be in line with the State Aid Temporary Framework.

Executive Vice-President Margrethe Vestager, who is in charge of competition policy, said, “The amendments we have approved today will help Spanish companies preserve economic activity in these difficult times by adapting and enhancing existing Spanish schemes already in force.

“For example, Spain has made use of the possibility under the State Aid Temporary Framework to first grant repayable instruments that can be converted into grants, if it becomes necessary.

“We continue to work in close cooperation with Member States to find workable solutions to mitigate the economic impact of the Coronavirus outbreak, in line with EU rules.”

The three schemes concern loans and guarantees to companies affected by Covid-19, support for research and development on fighting Covid-19 and a general recapitalisation fund.

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