EU approved Germany's plan to allocate €500 billion to help business




Help in the form of borrowed funds and the provision of state guarantees will be able to get German companies that encountered financial difficulties no earlier than January 2020.





The European Commission endorsed Germany’s plans to create a fund of up to €500 billion to support businesses affected by the coronavirus pandemic. This measure helps mitigate the economic consequences of the pandemic for the Federal Republic of Germany, according to a statement published on the European Commission website on Wednesday, July 8.

Assistance will be provided to German companies that encountered financial difficulties no earlier than January 2020. Firms will be able to get support, in particular, in the form of providing guarantees from the state, borrowed funds, and assistance with recapitalization. In addition to 500 billion euros, the fund will be able to raise another 100 billion euros to refinance state support measures that were approved by the European Commission earlier, the statement said.

“In these difficult times, we continue to work closely with EU member states to find suitable solutions for companies affected by the crisis caused by the coronavirus,” said EU Commissioner for Competition Margrethe Westager. She explained that state support for business in the EU should be carried out within the framework of EU legislation.

The EC believes that among the EU countries, the Polish economy will best cope with the crisis.





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TAGS: GLOBAL ECONOMIC CRISIS, EU, GERMANY, FINANCIAL CRISIS, CRISIS

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