Tag: State Aid
The European Commission has approved a €5.3 million Maltese direct grants scheme to support investment in research and development related to the coronavirus outbreak.
In a series of statements late on Friday and on Saturday, the Commission approved a 13-billion-euro state aid programme for the Portuguese economy, a 22-billion-euro plan of state guarantees for Poland and a 2-billion-euro scheme for Greece.
will enable public guarantees on loans to support the Maltese economy during the coronavirus outbreak.
Addressing the ECOFIN meeting, Scicluna requested the Commission to prepare a recovery plan for member states to provide the needed stimulus to economic growth once this period is over. He explained that this would be apart from giving the necessary regulatory flexibility to the banks to be able to advance bridge loans and give moratoria on existing loans.
"Our decision approves three measures taken by the French government to help its economy manage the impact of the Coronavirus outbreak. These are expected to mobilise 300 billion euros of liquidity support for companies affected by this unprecedented situation," said Competition Commissioner Margrethe Vestager.
The European Commission has announced a temporary framework on state aid rules which is now being consulted with EU member states. The temporary framework would allow member states to introduce measures such as schemes of direct grants or tax advantages of up to €500,000 to a company, subsidized state guarantees on bank loans and public and private loans with subsidized interest rates.
The Government said that transactions it is entering into regarding development in St George's Bay will respect its EU obligations. This while addressing a...