On Tuesday 20 December, the European Commission approved changes to an existing Italian guarantee scheme, including a budget increase of up to €23 billion, to support businesses in the context of Russia’s war against Ukraine.
The support is in line with the Temporary Framework for State Aid, adopted by the Commission on 23 March 2022 and amended on 20 July 2022 and on 28 October 2022. The overall budget of the measure is not over €33 billion.
The Commission approved the original scheme on 19 July 2022.
Italy gave notice, inter alia, of the following changes: - a budget increase of up to €23 billion; - the introduction of an aid measure in the amount of €7 million to cover guarantee premiums under certain conditions; - an extension until 31 December 2023 of the period during which aid can be granted; - the introduction of the possibility for energy-intensive companies to obtain guarantees to cover liquidity needs for a period of 12 months for small and medium-sized enterprises or 6 months for large beneficiaries. (Original version in French by Lionel Changeur)