EU approves €50bn Belgian state aid for coronavirus-hit firms

The European Commission, in charge of EU state aid rules, on Saturday approved a 50 billion euro Belgian loan guarantee scheme aimed at supporting companies during the coronavirus pandemic.

European Commission | Extractive Industries Transparency InitiativeThe support, in the form of state guarantees on new short-term loans, will be accessible to all companies, including small and medium-sized enterprises (SMEs) and self-employed traders.

The scheme also aims to help businesses affected by the current crisis cover their liquidity needs and stay afloat.

“It will help … businesses cover their immediate needs and continue their activities during and after the outbreak,” Commission Executive Vice-President Margrethe Vestager, in charge of competition policy, said.

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dpa