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EC approves Romania’s 606 mln euro state aid scheme for coronavirus-hit agri-food enterprises

Author Tudor Popescu
EC approves Romania’s 606 mln euro state aid scheme for coronavirus-hit agri-food enterprises xtrekx/Shutterstock.com

BUCHAREST (Romania), June 8 (SeeNews) - The European Commission (EC) said that it has approved a 606 million euro ($650.6 million) Romanian state aid scheme for enterprises in the fields of agriculture, fishing, aquaculture, and food production, which have been financially affected by the coronavirus pandemic.

The scheme features investment guarantees or loans to cover working capital needs, which can cover up to 90% of the loans awarded by lending institutions for investments or current activity, the EC said in a press release on Tuesday.

The guarantees will be longer than 6 years.

Companies can also benefit from direct grants of no more than 290,000 euro for any individual enterprise in the field of primary agricultural production, 345,000 euro for any enterprise within the fishing and aquaculture industries and 2.3 million euro for each enterprise working in other sectors.

Either form of aid will be awarded no later than June 30th.

($=0.9341 euro)

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