MADRID (EP). The European Commission has reported this Thursday of its approval of the new line of 10,000 million in guarantees from the Official Credit Institute (ICO) so that companies and the self-employed can face the economic impact caused by the war in Ukraine after the Russian invasion.
Brussels considers that the Spanish plan meets the conditions set by the temporary crisis framework that makes the conditions of this type of public support more flexible and agrees that it is “necessary, adequate and proportionate” to face the “serious disturbance” in the economy.
The aid may not exceed 35,000 euros per company active in the agriculture, fishing and aquaculture sectors, nor 400,000 euros in the case of companies in other sectors. In addition, the guarantees must be granted no later than December of this year and their duration may not exceed eight years.
The Vice President of the European Commission responsible for Competition, Margrethe Vestagerhas highlighted in a statement that the new ICO line will allow Spain to “mitigate the economic impact” of the war in Ukraine.
“We will continue to support Ukraine and the Ukrainians while maintaining close collaboration with Member States to ensure that national aid is granted in an appropriate, coordinated and effective manner, while protecting a level playing field within the Single Market. Vestager indicated.
The Community Executive has specified that companies operating in all sectors affected by the crisis will be able to access the aid, except for credit and financial entities, and that, in no case, will they be open to entities that appear on the list of sanctioned by the European Union due to its collaboration with the regime of Vladimir Putin in the invasion of Ukraine.
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