The approval of a Cypriot state aid scheme for steel flour producers for a total amount of €890 thousand, in the framework of the response to the effects of the pandemic, has been approved by the European Commission under the European Union's Temporary Framework for State aid, according to an announcement.
The scheme concerns direct grants with a maximum funding amount of EUR 200 thousand per beneficiary, aimed at mitigating the effects of the liquidity shortages and covering part of the losses suffered by producers as a result of the COVID-19 pandemic and the restrictive measures imposed, particularly in the catering sector.
As noted, the scheme is addressed to all companies active in the production and storage of steel wool.
The Commission found the Cypriot support scheme to be in line with those of the Temporary Framework as the aid does not exceed EUR 2,3 million. per beneficiary and will be granted until 30 June 2022 at the latest.
The text of the decision will be published under case number SA.102885 in the State Aid Register on the Commission's competition website, once any confidentiality issues have been resolved.
Source: CNA
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