COVID-19: €350 million Maltese State Aid Scheme Approved
The EU Commission has approved a €350 million Maltese state aid scheme which is intended to support the local economy during this COVID-19 pandemic. This scheme which enables public guarantees on loans was notified by the Maltese government under the ‘Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak’ issued by the EU Commission on 19 March 2020.
The EU Commission established that the scheme is in line with the rules stipulated in the Framework, and declared the aid to be necessary, appropriate and proportionate to disturbance of Malta’s economy. This implies that the Maltese government has been given the go-ahead by the EU to administer €350 million in order to aid businesses cover immediate capital needs and ensure the continuation of activities during this crisis.
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