EC approves of Romania's EUR 30m bailout plan for state-run companies of the Economy MinistryPublish date: 08-05-2009
The European Commission authorized Romania's 30 million euro aid strategy to save companies controlled by the state assets recovery body (AVAS) and by the Economy Ministry (ME), which were seriously struck by the economic crisis, the competition watchdog announced.
Some 15 million euros will be allotted only this year from the state budget. A company can get 2.5 million euros the most, in six-month credits at an interest of 17.29 percent.
State controlled companies operating in all the fields, without coal and steel industries and agriculture can sign up on aid list which comprises a maximum number of 15 firms.
Moreover, companies are assisted for only two years, but the period can be prolonged if the crisis persists.
The competition watchdog recently said AVAS elaborated at the end of last year a bill meant to support companies to overcome the effects of the economic crisis.
A bailout budget of 110 million euros was proposed in this respect, out of which 30 million euros would go to save small and medium-sized companies. Also, another 490 million euro budget intended to carry out restructuring could be available to companies as well.
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