EC authorizes temporary state aid scheme for Romania

The European Commission authorized on Friday, under EC Treaty state aid rules, an aid scheme proposed by Romania, aimed at providing support to businesses that struggle with financing difficulties as an effect of the tighter credit terms in the context of the current economic crisis.

The scheme allows authorities to grant up to 500,000 euros in aid until December 31, 2010. The scheme meets the requirements laid down by the Commission’s Temporary Framework that gives Member States additional possibilities for providing businesses with improved access to financing during the economic and financial crisis, because the measure is limited in time and scope, observes the relevant caps and is designed only for businesses that were not in difficulty on July 1, 2008.

“The state aid scheme will help remove the difficulties that businesses face in Romania without unduly distorting competition. The excellent collaboration with Romanian authorities has allowed for a speedy assessment of the measure by the Commission,’ said European Competition Commissioner Neelie Kroes.

The Romanian authorities have worked out the scheme based on the rules set forth in the Temporary Framework on state aid measures to support access to financing in the current financial and economic crisis and, especially, the requirements on the compatible limited amount of the aid.
The maximum aid a company can get is EUR 500,000 that can be disbursed in the form of non-repayable amounts, loans under preferential terms, interest subsidies, guarantees or the re¬scheduling of state claims without the charge of interests.

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