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Brussels approves German plan for low-interest business loans

Feb 19, 2009, 12:40 GMT

Brussels - The European Union on Thursday approved a German scheme for providing low-interest loans to businesses in a bid to revive an economy battered by the global financial crisis. The scheme, which allows the German authorities to grant reduced interest rates on loans agreed before the end of 2010, meets the EU's rules because it is limited in time and value, the EU's executive, the European Commission, said in a statement. In particular, the scheme is limited to companies whose finances were sound on July 1 - the date on which the global credit crunch is reckoned to have hit Germany. Germany is battling to keep its export-led economy afloat in the midst of the global downturn. According to commission figures, the country, which is the EU's largest economy, is set to see its economic output contract by 2.3 per cent this year.

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