EU Helps Romanian Companies in Crisis

The European Commission authorised on Friday an aid program proposed by Romania to support with up to 500,000 euro for companies hit by the economic crisis.

The main aim of this temporary scheme is to offer support to companies facing financial difficulties due to harsher lending conditions triggered by the economic crisis.

“The scheme meets the conditions of the Commission’s Temporary framework for state aid measures, as it is limited in time, respect the thresholds, and is addressed to companies which were not in difficulty before 1 July
2008,” according to a press release of the European Commission.

The program is in accordance with EU norms on state aid, and is valid until 31 December, 2010. The aid will be accorded in the form of direct grants, interest rate subsidies, subsidised public loans, rescheduled public debt, waiving the interest rates.