July 8 (SeeNews) - The European Commission (EC) said it approved an up to 500 million euro ($506 million) Croatian scheme to support non-banking companies across sectors impacted by the Russia's invasion of Ukraine.
"In a period during which the functioning of the market is severely disturbed, this scheme will ensure that sufficient liquidity remains available to those companies affected by the current geopolitical crisis by incentivizing lending by private banks," executive vice-president Margrethe Vestager said in a press release on Thursday.
The measure will be open to companies active in all sectors affected by the current crisis, except credit and financial institutions.
The scheme was approved under the state aid temporary crisis framework, recognising that the EU's economy is experiencing a serious disturbance.
($=0.988 euro)