An agreement has been reached with the European Commission to provide funds worth nearly €24.5 million to help former employees of carmaker Renault.

The assistance under the European Globalisation Adjustment Fund (EGF) has been approved by the Brussels-based body and is expected to provide guidance to 3,582 individuals made redundant by the motor manufacturer and its suppliers and downstream producers following the 2008 financial markets crisis.

French authorities requested the sum, which must now also be agreed by the Council of the European Union (EU) and the European Parliament.

EU commissioner for employment, social affairs and inclusion Laszlo Andor stated he is "confident that the support and training provided through the EGF will help the workers adapt their skills to the requirements of the "green" innovations in the car and other industries".

The European Commission has also approved a further application for €3.9 million under the EGF from Denmark to assist 325 people made redundant from wind turbine companies in the country in finding new positions.

Posted by Alex Donnell