EC approves: Romania can grant state aid up to 500.000 euros to clean companies affected by the financial crisis

The European Commission authorised the state aid scheme proposed by Romania to support companies facing financial difficulties following the worsening of the crediting conditions triggered by the economic crisis, an EC communiqué informs. The Romanian state can now offer state aids up to 500.000 euros, but only to companies which were not in trouble on July 1 2008, but ran into financial trouble in the meantime.

The state aid can be granted as non-refundable grants, loans with preferential conditions, subventions for interests, guaranty or rethinking the state debt without charging interests.

The scheme allows granting aids up to the maximum sum of 500,000 euros per company, until December 31, 2010. This is a temporary scheme set up according to the Temporary Card for state aid for supporting financing access during the economic crisis climate, adopted by the European Commission.

„The state aid scheme will contribute towards eliminating difficulties companies in Romania face, without a significant distortion of the market.. Due to the excellent cooperation with Romanian authorities, the Commission was able to approve the scheme fast”, the Competition European commissioner Neelie Kroes declared, according to the communiqué.