The European Commission has approved two Lithuanian aid schemes to support the Lithuanian economy in the context of the coronavirus outbreak, with a total estimated budget of €150 million.
The schemes were approved under the State aid Temporary Framework adopted by the Commission on 19 March 2020, as amended on 3 April 2020. The measures, which are offered by the national promotional institution INVEGA, aim at providing liquidity in the form of subsidised loans to companies affected by the coronavirus outbreak.
In particular: the first measure, which is offered to SMEs via financial intermediaries, will facilitate access to finance in the form of subsidised loans for enterprises facing cash shortages; the second measure, which is directly provided to companies, concerns loans for outstanding invoices. The Commission found that the two Lithuanian measures are in line with the conditions set out in the Temporary Framework.
The Commission therefore concluded that the measures are necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State, in line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Framework.
Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “The €150 million Lithuanian schemes will enable the granting of loans at favourable terms to help businesses cover immediate working capital needs and continue their activities in these difficult times.
The close work with Member States continues and ensures that national support measures can be put in place in a timely, coordinated and effective way, in line with EU rules.”
Arianna Podesta – Giulia Astuti – Maria Tsoni –