The European Commission announced today that it has approved Greek regime height 2 billion euros aimed at providing support to investments for sustainable recovery.
The Vice-President of the Commission responsible for Competition Policy, Margaret Westeyer, stated in this regard: “This regime of 2 billion euros will help Greece to determine the path for faster and more sustainable recovery, according to the Greek recovery and resilience plan. It is an important step in bridging the investment gap left behind by the crisis.
We continue to work closely with Member States to ensure that national support measures for restarting and attracting private investment they can be implemented as quickly and efficiently as possible, in accordance with EU rules “.
Greece has notified the Commission, under the provisional framework, of a € 2 billion scheme aimed at providing support of investment for sustainable recovery. Under this measure, the aid will take the form of loans with subsidized interest rates.
The public support will be used to finance investments in tangible and intangible assets, in order to facilitate the development of economic activities that fall under the strategic pillars of the Greek recovery and resilience plan, especially the green transition, digitization and innovation (R&D). ). Greece will ensure that the financed investments are environmentally sustainable, according to the EU classification.
Public support will be accompanied by conditions to limit unwarranted distortions of competition, including safeguards to reduce the risk of possible indirect aid to the benefit of the financial intermediaries providing the support.
The amount of individual aid will not in principle exceed EUR 15 million per beneficiary. The scheme is expected to benefit around 250 companies.
The Commission found that the Greek regime complied with the conditions laid down in the provisional framework. In particular, (i) the amount of aid per beneficiary will not exceed 1% of the total budget; (ii) the aid will benefit from investments in tangible and intangible assets, but not financial investments; and (iv) public support will be granted by 31 December 2022 at the latest.
The Commission has concluded that the Greek measure is necessary, appropriate and proportionate to promote investment in certain economic activities important for sustainable recovery, in accordance with Article 107 (3) (c) TFEU.
On this basis, the Commission approved the aid measure under EU State Aid Rules.
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