The European Commission has approved for Germany's proposed Economic Stabilisation Fund, the economy and the finance ministries in Berlin mentioned on Wednesday.

In a statement, they mentioned that the European Commission had given approval for the key framework for the fund, meaning that the recapitalization measures of around 250 million euros and capital guarantees do not require individually approved by the EU civil service.

European Commission Approves Germany's Economic Stabilization Fund

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With the capital of up to 600 billion euros, the stabilization fund is intended to offset the coronavirus epidemic's long-term impact on Europe's largest economy. Economy Minister Peter Altmaier told a news conference that his ministry was in informal talks with some 50 firms about receiving assistance from the fund.

(With agency inputs)