Generalitat loans for war-hit firms trading with Russia and Ukraine

GENERALITAT MEETING: Loan will tide over firms awaiting payments from Russia and Ukraine Photo credit: GVA.es

THE Generalitat’s Valencian Finance Institute (IVF) opened a €10 million line of credit to assist companies affected by the Ukraine war.

Regional president Ximo Puig announced the move on March 2 after meeting business owners and union representatives to analyse the effects of the conflict .

Assistance would be available for firms with outstanding bills  in  Russia or Ukraine, Puig revealed.

Those with confirmed operations can apply to the IVF for the invoiced amount, which will be interest-free and need not be repaid until payment has been received from their insurance company.

Most of the applications for an advance are expected to come from companies which have insured their operations, a customary practice when exporting, Generalitat sources explained.

Those companies that were not insured can apply for a four-year loan, which will be interest-free for the first six months after which it will be charged at 0.75 per cent.

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at [email protected]

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