5/4/2020, 8:27 AM (Source: TeleTrader)
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EU approves France's €7B Air France package

The European Commission announced on Monday that that it approved French state aid for Air France in the amount of €7 billion. The Commission added that the funds are needed to provide urgent liquidity to the airline amid the coronavirus crisis that has effectively shut down aviation.

Commission Vice-President and European Commissioner for Competition Margrethe Vestager stated: "The aviation industry is important in terms of jobs and connectivity. In the context of the coronavirus outbreak, Air France has also been playing an essential role in the repatriation of citizens and for the transport of medical equipment." She added" France has also announced plans for certain green policy choices as regards Air France. Good. Member States are free to design measures in line with their policy objectives and EU rules."

Earlier, the Netherlands also said it would be giving Air France's partner airline and its own flagship carrier KLM up to €4 billion in aid.

Breaking the News / VP