BUSINESS

Less money granted to firms by state aid scheme

The Government plans to allot, in 2011, less money to companies via the state aid scheme. According to information supplied by the Finance Ministry, for The Money Channel, this year’s budget is of EUR 214 M, as opposed to EUR 227 M granted in state aid last year. The Ministry of Public Finance is already examining 18 investment projects in the medical, industry and tourism sectors. The funds allotted are, however, lower than last year. The Government simplified the state aid scheme and aid can be granted to companies falling in one of the following categories: those which make an initial investment between EUR 5 and 10 M, creating at least 50 new jobs; those which make an initial investment between EUR 10 and 20 M, creating at least 100 new jobs; those which make an initial investment between EUR 20 and 30 M, creating minimum 200 new jobs; finally, those which create a minimum 300 new jobs and make an initial investment of over EUR 30 M. In 2010, the Finance Ministry granted state aid to 10 projects. The total aid amounted to EUR 227 M, and the cost of the projects was EUR 959 M. EUR 191 M-worth of state aid was offered to nine private companies, which will create 4,435 jobs.

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