Competition Council approves 220 million euro state scheme to support crisis-hit firms

Romania’s Competition Council has approved a draft government decision of a temporary scheme of state support for companies affected by the current economic crisis and notified the European Commission about it, a Council press release shows on Monday.

The aim of the scheme is to fix serious economic troubles caused by the crisis by supporting economic agents in paying debts to public institutions, commercial or salary debts, according to Council president Bogdan Chiritoiu.

The budget for the scheme amounts to 220 million euro due to be distributed in non-reimbursable funds, preferential loans, interest subsidies, guarantees, fiscal facilities, debt spreadouts, all under certain conditions.

The scheme would be applied once it receives European Commission approval and is due to last until December 31, 2010.