The initial guarantee scheme of 10 billion euros was adopted in July to help Italy to support its companies and industries.
“Italy notified, among others, the following amendments to the existing scheme: a budget increase by up to €23 billion… The Commission has approved, under the Temporary Crisis Framework, the amendments to an existing Italian guarantee scheme to support companies in the context of Russia's war against Ukraine,” the commission said.
The total size of the Italian scheme is at 33 billion euros now. The scheme has also been extended to December 31, 2023.
The commission in its decision has specified limits of aid for beneficiaries as well.
“When it comes to limited amounts of aid, the aid will not exceed €250,000 per beneficiary active in the primary production of agricultural products, €300,000 per beneficiary active in the fishery and aquaculture sectors and €2 million per beneficiary active in all other sectors,” the statement said.
The Temporary Crisis Framework, under which the Italian loan has been approved, was established in March as a measure allowing EU member states to use flexible funds to support their economies under complicated geopolitical conditions. The Framework has undergone several amendments designed to harmonize the instrument with other EU counter-crisis measures, including Winter Preparedness Package and the REPowerEU Plan.