EU regulators approve 462 million euros loan for Portugal's TAP airline
The European Commission said on Friday it had authorised a loan of 462 million euros ($556.9 million) from the Portuguese government to airline Transportes Aereos Portugueses (TAP) to compensate for damage suffered during the pandemic. The airline, similar to others across Europe, incurred significant losses due to travel restrictions in Portugal and destination countries, the Commission said.
The European Commission said on Friday it had authorised a loan of 462 million euros ($556.9 million) from the Portuguese government to airline Transportes Aereos Portugueses (TAP) to compensate for damage suffered during the pandemic.
The airline, similar to others across Europe, incurred significant losses due to travel restrictions in Portugal and destination countries, the Commission said. "This measure will enable Portugal to compensate TAP for the damage it suffered as a direct result of the travel restrictions that Portugal and other destination countries had to implement to limit the spread of the coronavirus," EU antitrust commissioner Margrethe Vestager said in a statement.
The support, in the form of loan, may be converted into capital and disbursed to TAP in one or several instalments. ($1 = 0.8295 euros)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Commission
- Portugal
- Portuguese
- The European Commission
- Europe
- MargreVestager
ALSO READ
PM-led panel meets to select two Election Commissioners.
Ex-bureaucrats Gyanesh Kumar, Sukhbir Sandhu appointed Election Commissioners: Notification.
New system of picking election commissioners shows PM has final word: Sharad Pawar
PRSA and B-BBEE Commission sign MoU to address transformation in ports sector
Ex-bureaucrats Sukhbir Sandhu, Gyanesh Kumar named election commissioners