Stephanie Lecocq/PAP/EPA

The European Commission (EC) has approved a Polish business support programme within the context of Russia’s war on Ukraine, valued at EUR 176 million, the EC announced on Friday.

The aid in the form of loan interest subsidies will be available to companies involved in the trade or purchase of grain, agricultural seeds, or the purchase or freezing of soft fruit. Around 1,000 beneficiaries will make use of the subsidies.

“The purpose of the measure is to provide assistance to beneficiaries that are currently facing liquidity shortages caused by the current geopolitical crisis,” the EC said in a statement.

“The Commission found that the Polish scheme is in line with the conditions set out in the Temporary Crisis and Transition Framework,” the statement continued. “In particular, the aid (i) will not exceed EUR 2 million per beneficiary; and (ii) will be granted no later than 31 December 2023. The Commission concluded that the scheme is necessary, appropriate, and proportionate to remedy a serious disturbance in the economy of a Member State…”