EC okays Poland’s aid package worth billions of euro
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The European Commission has approved a Polish PLN-10-billion (€2.2 billion) subsidized loan scheme to support large enterprises in the context of the coronavirus outbreak. The measure was approved under the State Aid Temporary Framework adopted by the Commission on 19 March 2020. The scheme is part of a wider Polish support program, the so-called “Financial Shield for Large Enterprises”.
“The €2.2 billion Polish subsidized loan scheme will enable Poland to further support companies affected by the coronavirus outbreak. The measure will help businesses cover their immediate liquidity needs and continue their activities, start investment and maintain employment during and after the outbreak,” said Margrethe Vestager, Executive Vice-President of the European Commission for a Europe fit for the Digital Age (Competition).
“We are working in close contact and cooperation with Poland, as with all Member States, to ensure that national support measures can be put in place as quickly and effectively as possible, in line with EU rules,” added Vestager.
Under the scheme, the public support will take the form of subsidized loans at favorable interest rates. The scheme, which will be managed by the Polish Development Fund, is mostly targeted at large enterprises. It will, however, also be open to certain small and medium-sized enterprises (SMEs) registered in Poland, which will be eligible based on criteria defined by Poland.
The scheme aims at enhancing access to liquidity for companies that are severely affected by the outbreak, thus helping them continue their activities, start investments and maintain employment, the EC wrote in a communiqué.
