International
17:54 30 May 2020
Post by: WBJ

EC approves another €1.6bn element of financial shield

EC approves another €1.6bn element of financial shield
Source: Wikimedia Commons

The European Commission approved on Friday the Polish aid program worth €1.6 billion to compensate enterprises losses incurred due to the Covid-19 pandemic and to provide liquidity support.

The program, which will be managed by the Polish Development Fund (PFR), is part of the financial shield for large enterprises. Its total budget is about €5.5 billion and it will be open to large companies and some larger SMEs registered in Poland.

The program assumes that the aid will be granted in the form of loans, which will later be partly written off. Companies will not have to repay amounts that correspond to losses incurred due to a pandemic.

"We operate in close contact and in cooperation with Poland, as do we continue to cooperate with all Member States so that national support measures can be implemented as effectively and as quickly as possible in accordance with EU regulations," Margrethe Vestager, deputy head of the EC, pointed out.

(PAP


ec
pfr
financial shield
margrethe vestager

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