EU clears 800 mln euros for Spain's textile sector
The European Commission on Tuesday approved 800 million euros ($1.1 billion) of public funding for the Spanish textile and clothing sector. The European Union's executive arm said the funds would promote research, exports, training and maintain aged workers in their jobs.
Egytex News Desk
Source: Forex
"After an in-depth investigation, the Commission is satisfied that the Spanish textile programme does not unduly distort competition in the single market," EU Competition Commissioner Neelie Kroes said in a statement. The Commission, which can rule such aid programmes as anti-competitive, opened an in-depth investigation into the scheme in 2007, after it was notified by Spanish authorities.
Source: Forex
From the Egytex news archive, first published on 25 March 2009. Figures and names are as reported at the time.
