Green light for Azores transport funding

By TPN/Lusa, In News, Islands, Economy · 05 Jun 2021, 10:00 · 0 Comments
Green light for Azores transport funding

The European Commission has approved yet another round of State aid to the Autonomous Region of the Azores due to the Covid-19 pandemic, this time for €500,000 for the passenger transport sector.

State aid, according to a statement, was approved under the Temporary Framework on State Aid Measures in Support of the Economy in the current context of the covid-19 outbreak and will be awarded through direct grants, open to public transport companies in the Azores.

The aim of the measure is to mitigate the sudden liquidity shortage that these companies face due to the covid-19 outbreak and the restrictive measures that have been adopted to limit the spread of the virus.

Brussels concluded that the Portuguese state aid scheme for the Azorean transport sector complies with the conditions established in the aforementioned temporary framework, both in terms of the amount (the limit is 1.8 million euros per company) and the calendar (ends in December 31).

On April 30, the European Commission approved the granting, by the Regional Government of the Azores, of financial compensation in the amount of 12 million euros to SATA, in addition to 122.5 million euros in support of liquidity.

On April 27, the European Commission approved a support scheme for companies in the Azores in the context of the covid-19 pandemic, this time a support line of 8 million euros in the form of direct grants.

On April 16, the community executive gave the 'green light' to the support scheme of 150 million euros destined to support companies in the Azores affected by the pandemic, considering the measure to be “necessary, appropriate and proportional”.

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