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EC approves redirection of 511m euros to help the Bulgarian economy

Photo: BGNES

Bulgaria is one of the first EU Member Sstates to respond to the economic threat and support its businesses and citizens at the backdrop of the pandemic. This is what Prime Minister Boyko Borissov wrote on his Facebook page after it became clear that the European Commission has approved an amendment to Bulgaria's Innovation and Competition programme, which will allow the mobilization of 511m euros from the European Regional Development Fund and the Cohesion Fund. These funds will be used to help the Bulgarian economy in its efforts to cope with the impact of the coronavirus crisis, BNR correspondent in Brussels, Angelina Piskova, reported. Financial support includes grants for micro, small and medium-sized enterprises, loan guarantees and more.

According to EU Commissioner for Cohesion and Reforms Elisa Ferreira, the measures have short-term goals to alleviate the crisis, and Bulgaria will continue to benefit from additional European support for its economic recovery.

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