The European Commission approved a series of multi-billion dollar aid packages for Poland, Portugal and Greece to help the struggling trio tide over economic woes due to the COVID-19 crisis.

In a series of announcements the Commission green-lighted $13.75 billion for Lisbon, $23 billion for Warsaw and $2 billion for Athens.

The funds would help EU governments shore up businesses and banks at the receiving end of the lockdown following restrictions imposed to stem the pandemic.

Commission Executive Vice-President Margrethe Vestager said in a statement: "This Polish guarantee scheme will help businesses affected by the current coronavirus crisis cover their immediate working capital and investment needs."

Vestager said the aid would "enable Portugal to provide direct grants and public guarantees on loans to help small-and-medium-sized companies and large companies cover investment and working capital needs".

The Greek scheme allows for state guarantees on working capital loans, Vestager added.

The Commission concluded that the measure is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a member state, in line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Framework.