The European Commission has approved an aid scheme for Romania, worth four billion euros (approximately 19.7 billion RON), in order to support businesses in all sectors in the context of the invasion of Ukraine by Russia, informs a press release of the EU executive, according to Agerpres.

The scheme was approved under the temporary state aid crisis framework, adopted by the Commission on 23 March 2022 and amended on 20 July 2022, based on Article 107 paragraph (3) letter (b) of The Treaty on the Functioning of the European Union (TFEU), which acknowledges that the EU economy is facing serious disturbances.

The unjustified war of aggression waged by Russia against Ukraine continues to have negative effects on the EU and Romania’s economy. The 4 billion euro aid scheme approved today will allow Romania to mitigate the economic impact of the current geopolitical crisis on businesses in all sectors, said Executive Vice-President Margrethe Vestager.

Romania notified to the Commission, under the temporary crisis framework, a scheme worth 4 billion euros (approximately 19.7 billion lei) to support businesses of all sizes and from all sectors in the context of the invasion of Ukraine by Russia.

Under this measure, the aid will take the form of: loan guarantees, with a maximum budget of 3.6 billion euros (approximately 17.75 billion RON) and direct grants, with a maximum budget of 390 million euros (approximately 1.93 billion RON), to compensate part of the costs owed under the guaranteed loans.

Agerpres