European Commission OKs Romanian Temporary State Aid Scheme

The scheme, valid until December 31, 2010, is aimed at offering support to companies facing financial difficulties due to harsher lending conditions triggered by the economic crisis, according to a press release issued by the European Commission.

According to the document, "the scheme meets the conditions of the Commission's Temporary framework for state aid measures, as it is limited in time, respect the thresholds, and is addressed to companies which were not in difficulty before 1 July 2008."

"The scheme will help alleviate the difficulties faced by Romanian businesses affected by the current situation without giving rise to any undue distortions of competition", said Competition Commissioner Neelie Kroes. The Commission was able to approve the measures quickly thanks to the excellent cooperation with the Romanian authorities," the document reads.

In particular, the maximum amount of aid does not exceed €500 000 per company and the scheme applies only to businesses which were not in difficulty on 1 July 2008. The aid will be granted in form of direct grants, interest rate subsidies, subsidized public loans, rescheduled public debt waiving the interest rates.

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