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Looser EU state aid rules for less developed regions to meet green, digital goals

Reuters
·1-min read
FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels

BRUSSELS (Reuters) - EU state aid regulators on Monday eased rules to allow EU countries grant more state aid to help less developed regions across the 27-country bloc achieve green and digital goals aimed at spurring economic growth.

The European Commission said governments will be allowed to give investment incentives to these areas on top of a higher cap on the aid. Such areas are defined as outermost regions, border areas, areas in transition and areas experiencing a population losss.

The overall regional aid coverage will go up to 48% of the EU population from 47% previously. The revised guidelines will be effective Jan. 1, 2022.

"The new regional state aid guidelines adopted today will enable member states to support the least favoured European regions in catching up and to reduce disparities in terms of economic well-being, income and unemployment," European Competition Commissioner Margrethe Vestager said in a statement.

(Reporting by Foo Yun Chee)