The European Commission has approved the participation of the Norrköping municipality in a marketing and business development fund aimed at encouraging airlines to fly to the municipally owned airport. The Commission found that the Swedish municipality’s involvement is not State aid because the public authority acts in the same way as a private investor. This conclusion was supported by the following: (i) the municipality invests the same amount, on the same terms as the private investors in the fund; (ii) the fund will be administered by a marketing company which is owned 50 per cent by the municipality and 50 per cent by seven private entities and companies; (iii) the private entities have board control over the marketing company; (iv) the fund and the marketing company are motivated to maximise profits; and (v) the financial risks to the public authority are similar to those of a market investor.