Germany's southern state of Bavaria announced funds worth up to 10 billion euros to help the local government buy stakes in companies struggling due to coronavirus outbreak. According to reports, Bavarian leader Markus Soeder on Monday said that the fund will allow the government to prevent struggling companies from insolvency. Bavaria, the industrial region of Germany is home to many blue-chip companies like BMW, Adidas, and Siemens.
As per reports, the fund will allow companies with up to 250 employees to apply for loans of between 5,000 to 30,000 euros. The coronavirus is spreading rapidly in many parts of the country, prompting the federal government to temporarily shut down its borders with Austria, France, Luxembourg, Switzerland, and Denmark. Bavarian leader Markus Soeder while talking to the press said that his government will not abandon anyone as the situation in the country is changing.
Germany has so far recorded 6,215 cases of coronavirus, of which 402 cases came in the last 24 hours and 46 of them have recovered fully. According to data acquired by worldometer, Germany has logged in 13 deaths since the virus first broke out in December last year. The total number of active cases in the country is above 6,100 of which two patients remain under critical condition. Germany is the biggest economy in the European Union and the rising coronavirus cases in the country are taking a huge toll on the country's financial standing.
The COVID-19 has claimed more than 6,500 lives across the world and has infected over 1,69,000 people globally since it first broke out in December 2019. China is the most affected country in the world as experts believe that the virus originated from a seafood market in Wuhan city, the epicentre of the disease, where animals were reportedly being traded illegally. Italy, Iran, and Spain are the most affected countries outside mainland China.