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World

EU clears state guarantees for Italian building firm Condotte

BRUSSELS: The European Commission said on Wednesday it had cleared under EU state aid rules Italian plans to grant a 190

Dec 12 2018

BRUSSELS: The European Commission said on Wednesday it had cleared under EU state aid rules Italian plans to grant a 190 million euro ($215.4 million) state guarantee to construction company Condotte d'Acqua to meet urgent liquidity needs.

"Many companies would be impacted and many jobs would be lost if Condotte abruptly exited the market," EU Competition Commissioner Margrethe Vestager said in a statement.

"The Italian rescue aid... will allow Condotte to continue its work and avoid immediate delays to important infrastructure works, whilst giving the company's administrators time to return the company to viability," she continued.

Condotte d'Acqua is Italy's third largest construction company and has been hit by a decrease of public investments in civil engineering projects and payment delays.

Copyright Reuters, 2018