March 24, 2020 / 11:18 AM / 6 days ago

Luxembourg secures EU okay for 300 mln euro scheme for virus-hit firms

BRUSSELS, March 24 (Reuters) - Luxembourg on Tuesday won EU state aid approval for a 300-million-euro ($326.5 million) scheme to help coronavirus-hit companies, the latest EU country to seek and receive clearance for measures to prop up struggling firms.

The European Commission said Luxembourg will offer a repayable advance granted in one or more instalments to allow beneficiaries to cover their operating costs in the difficult situation caused by the coronavirus outbreak.

$1 = 0.9188 euros Reporting by Foo Yun Chee

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