The European Commission authorised, on Thursday 7 April, a French scheme that provides up to €155 billion in liquidity support to companies across all sectors in the context of Russia’s invasion of Ukraine.
The scheme is the first approved under the State aid Temporary Crisis Framework adopted by the EU institution on 23 March (see EUROPE 12917/11).
France had notified the Commission of a loan guarantee scheme to provide liquidity support to companies in the context of Russia’s invasion of Ukraine. The measure will be financed using part of the €300 billion budget that France had initially allocated under three French schemes to support the economy in the context of the coronavirus pandemic.
The scheme, which will apply to the whole territory of France, including overseas regions, will be open to companies of all sizes active in all sectors, with the exception of certain companies active in the financial sector.
Eligible beneficiaries will be entitled to receive new loans that will be covered by a State guarantee not exceeding 90% of the loan amount. The maximum loan amount per beneficiary that can be covered by the State guarantee is equal to 15% of the beneficiary's average total annual turnover over a predefined time period. (Original version in French by Lionel Changeur)