European Commission approves €600 million guarantee scheme to support Finnish maritime companies affected by Covid-19

The European Commission has approved a €600 million (US$663 million) Finnish aid scheme to support the country’s maritime companies in the context of the Covid-19 outbreak.

The scheme will be accessible to those maritime operators that are essential for maintaining the security of supply to Finland during the coronavirus outbreak. The aim of the measure is to help these companies cover their immediate working capital needs, maintain employment, and have sufficient liquidity to continue their activities, which are vital to safeguard maritime cargo traffic and ensure essential supplies to Finland.

The measure will be directly operated by the Finnish State Treasury.

European Commission Executive Vice-President Margrethe Vestager commented that this is the first scheme approved by the commission specifically designed to support the maritime sector during the Covid-19 pandemic.