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Franz Fayot gave an update on state aid to businesses
The financing of enterprises and the coordination of state aid schemes are part of the specific tasks of the Ministry of the Economy as the body responsible for implementing economic development and diversification policy and economic promotion policy. At a press conference on 9 February, the Minister of the Economy, Franz Fayot, gave an overview of state aid to businesses.
© MECO
For all the different financial support measures, the Minister of Economy has granted a total of 906 million euros to companies over the period 2018-2022 through different types of aid (grants, advances, guarantees (managed by the State Treasury), etc.). More than half of this amount (51.7% or 469 million euro) was granted in the form of aid to companies to carry out investments in Luxembourg amounting to 1.5 billion euro. Aid for environmental protection alone amounts to €95 million and has led to investments of €404 million.
In this context, Franz Fayot said: "State aid to companies has an important steering effect. By supporting the innovation process and stimulating environmental and climate protection in businesses, they are helping to make our economy progressively more sustainable and digital".
Due to the war in Ukraine, it should be noted that since the implementation of the various temporary aid schemes for companies to cover the additional costs due to the price increase, the Ministry of the Economy has so far granted aid totalling EUR 16 million.
Press release by the Ministry of the Economy