March 23, 2020 / 8:17 PM / 18 days ago

EU clears 250 million euro Latvian state aid for virus-hit companies

BRUSSELS (Reuters) - EU state aid regulators approved on Monday two Latvian schemes of 250 million euros to help companies hit by the coronavirus outbreak, following clearances for similar measures in Germany, France, Denmark and Portugal.

The European Commission said Latvia’s subsidised loan scheme and loan guarantee scheme for companies will ensure that companies can continue their activities.

The EU competition enforcer said the measures limit the risk taken by Latvia up to 50% for each loan while the working capital loans will be provided at reduced interest rates with limited maturity and size.

Reporting by Foo Yun Chee

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