The EC has concluded that the £3billion of funding provided by the UK government for the GIB is in line with EU state aid rules.
The investigation by the EC found that the GIB’s concept foresees several safeguards to avoid the crowding out of private investment and preserves a level playing field between competitors in the EU single market.
The approval by the EC, which allows the GIB to grant aid to support the development the green economy, has been awarded for a period of four years.