European Commission approves €5.2bn Czech guarantee scheme

The European Commission has approved a Czech guarantee scheme of approximately CZK142 billion (€5.2 billion) for large companies with export activities affected by the coronavirus outbreak. 

The scheme, which will be managed by the Czech export credit agency EGAP, aims to limit the risk associated with issuing loans to exporters most severely affected by the economic impact of the coronavirus outbreak.

The support, in the form of state guarantees on loans, will be accessible to large companies whose exports represent at least 20% of their annual sales revenue.