The European Commission approved on Saturday an aid scheme for Romania worth 16 billion lei (about 3.3 billion euro), aimed at supporting small and medium-sized enterprises (SMEs), in the context of the COVID-19 pandemic, according to a statement of the EU Executive.

“Thanks to this aid scheme worth 3.3 billion euro, Romania will be able to help SMEs to meet their investment and working capital needs in these times that are testing us, by granting direct grants and public loan guarantees. We will continue to work closely with the Member States in trying to find feasible solutions to mitigate the economic impact of the COVID-19 pandemic, in line with EU rules,” said the Executive Vice President Margrethe Vestager, responsible for competition policy, according to Agerpres.

The scheme was approved under the temporary framework adopted by the Commission on March 19, 2020, as amended on April 3, 2020. Romania notified the Commission, under the temporary framework, of a scheme with a budget of 16 billion lei (approximately 3, 3 billion euro) aimed at supporting the SMEs affected by the COVID-19 pandemic.

Under this scheme, support will be provided in the form of direct grants and state guarantees regarding investment credits and working capital financing. The support provided under this scheme will be accessible to SMEs facing difficulties as a result of the economic impact of the COVID-19 pandemic.