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Draft Law Of Cyprus Loan Guarantee Scheme Sent To The European Commission For Examination

Draft Law Of Cyprus Loan Guarantee Scheme Sent To The European Commission For Examination

The Finance Ministry in Cyprus is awaiting word from the European Commission if a draft law providing for the Cyprus loan guarantee scheme is in line with the Commission’s policies.

The draft law forwarded to the European Commission’s Directorate General for Competition Policy on Thursday, deals with government guarantees on loans which will be granted to self-employed and businesses, totalling €1 bn.

The Cyprus News Agency has learnt that the Ministry has forwarded the draft law and the Minister of Finance decree to the European Commission’s Directorate General for Competition Policy which is set to examine whether it is in line with its state aid rules.

According to the draft law, the €1 bn will be distributed in the form of loans. Self-employed and small businesses will receive €300 million. An additional €550 million is targeted to small to medium sized businesses and €150 million is allocated to large businesses.

The original bill that was presented to Parliament was amended by political parties and now the Commission will have to examine these and come back to the Ministry for clarifications.

In particular, the Ministry of Finance is expecting, a source of the Ministry told CNA, the Commission’s view on including in the law the setting up of a Monitoring Committee. Another issue which the Commission might raise is the reasoning behind the allotment of the loan amounts to the self-employed and to the very small, medium and large enterprises.

 

Source: CNA

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