France gets 1.8 bln for overseas departments

18th July 2007, Comments 0 comments

BRUSSELS, July 18, 2007 (AFP) - EU competition regulators approved on Wednesday 10 state aid schemes worth 1.8 billion euros (2.5 billion dollars) for France's far-flung overseas administrative departments.

BRUSSELS, July 18, 2007 (AFP) - EU competition regulators approved on Wednesday 10 state aid schemes worth 1.8 billion euros (2.5 billion dollars) for France's far-flung overseas administrative departments.

The European Commission deemed the programmes, consisting of exemptions from tax and social security contributions, to be compatible with EU state aid rules because they helped offset handicaps the departments face due to their distant locations.

The schemes had already been approved for the 2000-2006 period and needed the Commission's greenlight for 2007-2013 period.

Under EU rules, state aid plans have to be reported to the European Commission, which must then rule on whether they will stifle competition in the market and should be allowed or not.


Copyright AFP

Subject: French news

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