Finnish guarantee plan to support maritime companies

Exclusive Capital Research Team

Exclusive Capital Research Team

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Finnish guarantee plan to support maritime companies

The European Commission, amid the coronavirus outbreak, approved a Finnish guarantee plan of around $671 million (€600 million) in supporting the maritime companies.

The plan was approved by the state aid Temporary Framework and adopted in March this year.

The maritime operators that are maintaining the security of supply to Finland will have access to this scheme.

The goal of the Finnish guarantee plan is to support the companies in terms of liquidity, operations, maritime cargo traffic, supplies to Finland, and cover the working capital needs following the coronavirus outbreak.

Moreover, as per the Executive Vice-President in charge of competition policy, Margrethe Vestager, the Finnish guarantee plan will assist the companies transporting supplies to Finland to somehow cover their immediate or urgent working capital needs.

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