EC approves €87 m Cypriot guarantee scheme to support companies in the tourism sector affected by the pandemic

The European Commission announced today that it has approved, under EU State aid rules, “a €86.6 million Cypriot scheme to support companies active in the tourism sector (including organisers of package travel, hotel businesses, and car rental companies) affected by the coronavirus outbreak.”

According to a written statement issued in Brussels, “the Commission found that the scheme is necessary, appropriate and proportionate to remedy a serious disturbance in the Cypriot economy in a period when the normal functioning of the tourism and package travel market is severely disturbed by the coronavirus outbreak, in line with Article 107(3)(b) TFEU and the general principles set out in the State aid Temporary Framework.

Source: Cyprus News Agency