Commission approves €7B Air France state aid
The package is a mixture of loan guarantees and direct
loans.
By SAIM
SAEED 5/4/20, 12:22 PM CET Updated 5/4/20, 1:04 PM CET
The
European Commission on Monday cleared the French government's €7 billion rescue
package for Air France, an effort to keep the company afloat during the
coronavirus pandemic.
The package
is a mixture of loan guarantees and direct loans "to obtain vital
liquidity to face this difficult period, before an expected recovery in sales
once the restrictions are lifted progressively," the Commission said in a
statement.
Air France
is a huge contributor to the French economy, responsible for 350,000 direct and
indirect jobs, according to the French government. Like most European airlines,
Air France grounded almost all of its 300-strong fleet as the coronavirus
spread across the Continent, operating only repatriation and cargo flights.
The French
government required the airline to curb its emissions as a condition for the
rescue.
"Good,"
said EU competition chief Margrethe Vestager, but she said it wasn't required
from Brussels. "Member States are free to design measures in line with
their policy objectives and EU rules."
Authors:
Saim Saeed
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