December 20 (SeeNews) - The Romanian government announced it has approved the allocation of 2.5 billon lei ($540 million/508 million euro) in financial aid to companies affected by Russia's war on Ukraine.
Financing will be provided through majority state-owned EximBank, mostly to small and medium-sized enterprises (SMEs) with annual turnover higher than 20 million lei, the government said in a press release on Monday.
Large companies across various sectors with some exceptions, such as gambling and betting businesses, insurance, real estate activities, energy and fuel distribution and trade, will also be eligible. Financial and credit institutions will also be excluded from the aid scheme.
"Through this mechanism, the state will contribute to maintaining viable companies in the market, which will thus be able to resume/continue/develop their activity under more favorable conditions," the government said.
The support scheme was approved by the European Commission in November, under its state aid temporary framework.
(1 euro=4.9176 lei)
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