January 10 (SeeNews) - The European Commission (EC) said it approved Slovenia's plan to increase by 230 million euro ($247 million) the existing scheme for support of local companies in the context of Russia's war against Ukraine.
The Commission found the amendments to the scheme notified by Slovenia to be in line with the State Temporary Crisis Framework adopted in March and remains necessary, appropriate and proportionate to remedy a serious disturbance in the country's economy, the EU's executive body said in a statement last week.
Under the amendments, Slovenia's government also extended to the end of 2023 the period in relation to which aid may be granted, modified the duration and interest rates of the loans and increased the maximum aid ceilings. The original scheme approved by the Commission in June envisaged 140 million euro in financial aid to support companies across sectors affected by the economic impact of the war in Ukraine.
The scheme is administered by the national promotional lender SID Bank. The aid consists of limited amounts of aid in the form of loans, liquidity support in the form of subsidised loans, or aid in the form of loans for additional costs due to severe increases in natural gas and electricity prices.
($ = 0.93146 euro)