It was announced today that the European Commission has approved a €200 million Irish aid scheme to support investment in research and development (R&D), testing and production of products that are relevant to the coronavirus outbreak.
The scheme was approved under the Temporary Framework adopted by the Commission on 19 March 2020, as amended on 3 April 2020 and 8 May 2020.
The aim of the scheme is to enhance and accelerate the development and the production of products directly relevant to the coronavirus outbreak, including vaccines, hospital and medical equipment and medicinal products, as well as the development of innovative processes for an efficient production of such products.
The public support will take the form of direct grants and repayable advances, and will be open to companies with more than ten employees operating in the manufacturing and/or internationally traded services sectors.
Welcoming the scheme, Minister for Business, Enterprise and Innovation, Heather Humphreys said, "The challenge of COVID-19 is first and foremost a health emergency and we will continue to prioritise the medical response to the pandemic. The intention of this new scheme is to accelerate the production of vital medicines and potential vaccines, along with essential equipment, used in the fight against COVID-19."