EU announces Finnish aid to maritime companies
The European Commission has approved a Finnish assistance scheme of 600 million euros to help maritime companies affected by the coronavirus outbreak.
The aid scheme will take the form of State guarantees on working capital loans and be open to maritime operators, which are key to maintaining security of supply to Finland during the coronavirus outbreak.
The funds are intended to help these companies meet urgent needs for working capital, retain jobs and have enough liquidity to continue their operations.
“This €600 million Finnish guarantee scheme will help those maritime companies that transport essential supplies to Finland and are affected by the current coronavirus crisis to cover their immediate working capital needs and continue their activities,” said Executive Vice-President Margrethe Vestager.
In line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Structure, the Commission concluded that the Finnish measure is required, acceptable and proportionate to remedy a serious disruption in the economy of a Member State.
Maritime Business World