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State Aid

PR(06)53: Approval of a Private Seed Capital and Equity aid scheme in the Norwegian county of Møre and Romsdal

6.12.2006

The EFTA Surveillance Authority today decided not to raise objections to the Norwegian authorities’ notification of the county of Møre and Romsdal’s contribution to the establishment of a Private Seed Capital and Equity Fund.

The objective of the notified measure is to provide seed capital to small and medium-sized enterprises in Møre and Romsdal, thereby contributing to the establishment of new firms and the creation of jobs in the region. To this aim, a fund for investments into small and medium-sized enterprises in Møre and Romsdal will be established. The Fund’s capital base will amount to NOK 150 million, of which at least 50 per cent will be provided by private investors selected through a tender procedure. The rest of the capital will be provided by the County Municipality in the form of a subordinated loan of NOK 75 million. The conditions on which the loan is granted and the repayment terms are considered to constitute State aid within the meaning of the EEA Agreement.

The scheme has been assessed on the basis of the Authority’s guidelines on State aid to promote risk capital investments in small and medium-sized enterprises (Chapter10B of the Authority’s State Aid Guidelines). On the basis of the criteria set out therein, the Authority has concluded that no doubts are raised as to the scheme’s compatibility with the functioning of the EEA Agreement, and has therefore decided to approve it.

 

For further information, please contact:

Ms. Hanne Zimmer
Officer, Competition and State Aid Directorate
Tel. (+32)(0)2 286 18 87

 

6 December 2006




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