EU approves €1 billion in incentives to support Croatian economy

epa06806184 A flag of Croatia (L) and the European Union (EU, R) are pictured prior a meeting of Croatian President Grabar-Kitarovic and European Commission President Juncker (both not pictured) in Brussels, Belgium, 14 June 2018. Croatia joined the EU on 01 July 2013 and will see the fifth anniversary on 01 July 2018. EPA-EFE/OLIVIER HOSLET

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The European Commission has approved two Croatian schemes to support the Croatian economy in the context of the coronavirus outbreak.

Croatia notified to the Commission under the Temporary Aid Framework of its intention to adapt two schemes, with an overall estimated budget of €1 billion, to support companies affected by the coronavirus outbreak.

Under the two schemes, the public support will take the form of zero-interest loans and loans with subsidised interest rates, respectively.

The schemes aim at enhancing access to liquidity by those companies which are most severely affected by the economic impact of the coronavirus outbreak, thus ensuring the continuation of their activities.

The Commission therefore concluded that the Croatian measures are necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State, in line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Framework.

 

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