HomeForex UpdatesEU approves French scheme to assist firms hit by Ukraine battle By...

EU approves French scheme to assist firms hit by Ukraine battle By Reuters

Euro cash are seen in entrance of displayed flag and map of European Union on this image illustration taken in Zenica, Could 28 2015. The president of the European Central Financial institution known as on euro zone nations to reform their economies, warning that future gro

(Reuters) – The European Fee on Thursday authorised a French scheme to offer as much as 155 billion euros ($169 billion) in liquidity assist to firms hit by the financial affect of the battle in Ukraine.

The scheme is the primary one authorised beneath the EU disaster framework adopted final month, which briefly eased the EU’s state support guidelines following Russia’s invasion of Ukraine.

“This scheme will allow France to mitigate the financial affect of Putin’s battle in Ukraine and to assist firms affected by the present disaster, in addition to by the associated sanctions”, European Fee Vice President Margrethe Vestager stated in a press release.

The measure shall be financed utilizing a part of the 300 billion euro price range France had initially allotted beneath three French schemes to assist the economic system in gentle of the COVID-19 pandemic. They had been initially authorised in March 2021.

Underneath the brand new scheme, beneficiaries shall be entitled to obtain new loans that shall be partly coated by a state assure.

($1 = 0.9163 euros)



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