The European Commission has agreed that the Pan-European Guarantee Fund will provide funding of up to € 200 billion to companies affected by the COVID-19 pandemic in 21 Member States. This state aid will benefit especially SMEs, which have been hardest hit by restrictions imposed by national administrations to stop the spread of the virus. The Pan-European Guarantee Fund was set up in April 2020, with the agreement of the European Council and under the leadership of the European Investment Bank Group, as part of the EU's overall strategy to respond to the COVID-19 pandemic.
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