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Bridging the COVID-19 Liquidity Gap: New Political Agreement regarding Danish State Guarantee Schemes
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On 15 June 2020, a political agreement was reached between the Danish Government and a number of Danish political parties regarding gradual phase-out of certain existing COVID-19 aid packages which are to be replaced with a comprehensive economic recovery package designed to boost the Danish economy following the outbreak of COVID-19. Among other elements, the political agreement provides for two significant changes to the four Danish state guarantee schemes already established via Vækstfonden (the Danish State's investment fund) and EKF Denmark's Export Credit Agency. Subject to satisfaction of the applicable eligibility criteria, these schemes provide for state guarantees to be issued by Vækstfonden or EKF in respect of loans and credit facilities to large companies and SMEs, whose revenue has been severely affected by the COVID-19 outbreak.
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