The European Commission said on Monday it "has approved a Polish subsidised loan scheme to support large enterprises in the context of the coronavirus outbreak.”
The European Commission added it was giving the green light to the support under temporary state aid rules it originally adopted in March and then amended twice.
The Polish loan plan is part of a wider support programme aiming to offer a "financial shield" for large enterprises in the country, the EU executive also said.
Margrethe Vestager, Executive Vice-President of the European Commission in charge of competition policy, was quoted as saying that "the EUR 2.2 billion Polish subsidised loan scheme will enable Poland to further support companies affected by the coronavirus outbreak.”
Vestager added that the measure “will help businesses cover their immediate liquidity needs and continue their activities, start investment and maintain employment during and after the outbreak.”
The European Commission earlier this month approved a Polish plan to offer EUR 450 million worth of state aid to companies hit by the coronavirus "through the provision of loans and state guarantees on loans.”
The EU executive last month gave the green light to Polish state aid to businesses in the form of repayable advances, with a total budget of EUR 16.6 billion (around PLN 75 billion).
Earlier last month the EU executive gave the go-ahead to a Polish loan and guarantee plan aiming to support the economy to the tune of PLN 3.5 billion (around EUR 700 million).
Poland’s president at the end of March signed into effect a multibillion relief and stimulus package aiming to shore up the economy.
President Andrzej Duda last month signed into law a measure to offer further support to the nation’s economy amid the COVID-19 lockdown.
Polish lawmakers at the end of last month backed a plan to expand the massive package of measures aiming to protect jobs and businesses.
Poland's parliament this month approved more support to the economy.
Less than a week later the government adopted a new measure to protect companies, jobs, borrowers and local governments.
Polish Prime Minister Mateusz Morawiecki in early April unveiled plans to throw a lifeline of at least PLN 100 billion (USD 24 billion, EUR 22 billion) to businesses hit by the coronavirus epidemic.
The Polish prime minister last month called for a “new Marshall Plan” for Europe to aid the continent’s recovery from the coronavirus crisis.
A total of 21,867 people have tested positive for the COVID-19 disease in Poland, with 1,013 deaths from the coronavirus so far, public health officials said on Tuesday morning.
(gs/pk)
Source: PAP, ec.europa.eu