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EC approves Czech support for exporters

The European Commission has approved the Czech Republic providing support of CZK 142 billion (some EUR 5.25 bln) to firms hit by the coronavirus situation, reports Czech Radio. 

European Commissioner for Competition Margrethe Vestager. Photo by Alexandros Michailidis / Shutterstock.com

The aid will take the form of guarantees on loans primarily to large companies with a significant share of exports.

The European Commissioner for competition, Margrethe Vestager, said the measure would help Czech firms to carry on during the crisis and after it ends.

The scheme is open to companies who get a least one-fifth of their annual income from international sales, Czech Radio explains.