European commision (EC) approved by Germany a plan to set up a € 500 billion fund to support companies affected by the coronavirus pandemic.
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The EC had previously given the green light to Germany to provide € 100 billion in aid to address the effects of the pandemic, bringing the total amount of aid provided by Germany to € 600 billion.
European Union (EU) Competition Commissioner Margrete Vestagere pointed out that the conditions for allocating these funds contain sufficient guarantees to limit distortions of competition.
“In these difficult times, we continue to work closely with Member States to find workable solutions to make it easier for companies affected by the coronavirus outbreak to access funding under EU rules,” Vestagere said.
The support provided by the German government will mainly take the form of guarantees amounting to EUR 400 million, as well as subsidized debt instruments and recapitalization instruments.
Only companies that were not in financial difficulties at the end of last year will be able to apply for help.
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