State aid: Commission approves €790 million Croatian guarantee scheme for companies with export activities affected by coronavirus outbreak

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Source: European Commission Spokesperson’s Service

The European Commission has found a HRK 6 billion (approximately €790 million) Croatian liquidity guarantee scheme for companies affected by the coronavirus outbreak to be in line with EU State aid
rules. The scheme was approved under the State aid
Temporary Framework adopted by the Commission on 19 March 2020,
as amended on 3 April 2020. The support, in the form of State guarantees on loans, will be accessible to all companies whose exports represent at least 20% of their yearly revenue. The scheme
aims at limiting the risk associated with issuing operating loans to those companies that are most severely affected by the economic impact of the coronavirus outbreak, thus ensuring the
continuation of their activities. The Commission found that the Croatian measure is in line with the conditions set out in the Temporary Framework. The Commission concluded that the Croatian
guarantee scheme for exporting companies will contribute to managing the economic impact of the coronavirus outbreak in Croatia. The 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. On this basis, the Commission approved the
measures under EU State aid rules. Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “This Croatian guarantee scheme of approximately €790
million will support companies with a certain amount of export activities in these difficult times. We continue to work in close cooperation with Member States to find workable solutions to
mitigate the economic impact of the coronavirus outbreak, in line with EU rules.”

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State aid: Commission approves €790 million Croatian guarantee scheme for companies with export activities affected by coronavirus outbreak

Daily News 07 / 04/ 2020

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