EU approves continuation of Spanish support schemes

Margrethe Vestager confirmed support of Spanish schemes Credit: European Commission

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.

Thank you for taking the time to read this news article “EU approves continuation of Spanish support schemes”.

FacebookTwitterRedditWhatsAppTelegramLinkedInEmailCopy Link
Go Back
Written by

John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Share your story with us by emailing [email protected], by calling +34 951 38 61 61 or by messaging our Facebook page