In response to the ongoing geopolitical crisis caused by Russia’s war on Ukraine, the European Commission (EC) has granted approval for a significant support program aimed at aiding Polish businesses. The program, valued at EUR 176 million, was announced on Friday and is set to provide crucial assistance to companies involved in the trade or purchase of grain, agricultural seeds, and the purchase or freezing of soft fruit.
The support will be offered in the form of loan interest subsidies, with around 1,000 beneficiaries expected to benefit from this initiative. The primary objective of the program is to address the liquidity shortages currently faced by these companies due to the prevailing economic instability in the region.
In its official statement, the European Commission highlighted that the Polish scheme complies with the conditions specified in the Temporary Crisis and Transition Framework. Notably, the aid provided to each beneficiary will not exceed EUR 2 million, and it will be granted no later than 31 December 2023. The Commission emphasized that the support program is necessary, appropriate, and proportionate to mitigate the serious disturbance in the economy of the Member State.
The approved support program marks a significant step in assisting Polish businesses grappling with the repercussions of the Russia-Ukraine conflict. With the aid of these subsidies, the affected companies can better navigate the challenging economic landscape and strive towards sustainable growth during these turbulent times.