The European Union clears €2.4 Billion Italian Aid Scheme For Sicily

EasyBourse reports that Italy can invest €2.4 billion in Sicily to promote regional development, the European Commission said Wednesday. The aid is going to be given to the impoverished Italian region in the form of tax credits, which that can be used to offset fiscal or social security payments between the years 2009 and 2013, the European Union’s executive arm said. “I am satisfied that the positive effects of this scheme on regional development outweigh any potential distortions of competition brought about by the aid,” Competition Commissioner Neelie Kroes said. Sicily is eligible for regional aid as it has abnormally low standard of living and high unemployment.

Source: EasyBourse.com