Spain to build 10-billion-euro rescue fund for firms hardest hit by COVID-19 pandemic

The government of Spain, on Friday, July 3, said that it will create a 10-billion-euro rescue fund for firms that have been hardly hit by the global Coronavirus pandemic.

In a statement issued, the leftist government said to provide “temporary public support to bolster the solvability of non-financial companies affected by the COVID-19 pandemic”.

To be benefitted with the funds, the companies will include those who are of strategic importance working in sectors such as security, infrastructure, health and communications as well as those contributing “to the effective functioning of markets”. However, the government did not name any company standing to benefit from the funds.

The funds will be disbursed in the form of loans or share or bond purchases by Spain’s state-owned industrial holding company SEPI, the government said.

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