26.11.2020

EUR 511 million in support of the Bulgarian economy was approved by the EC

The European Commission has approved an amendment to Bulgaria's Operational Program "Innovation and Competitiveness", which allows the mobilization of 511 million euros from the European Regional Development Fund and the Cohesion Fund to help the Bulgarian economy cope with the adverse effects of the coronavirus crisis.

This financial support includes working capital grants for micro, small and medium enterprises, capital investments and loan guarantees, the EC said.

Cohesion and Reform Commissioner Eliza Ferreira said Bulgaria was one of the first member states to take advantage of the Coronavirus Investment Initiative.

These measures have a short-term goal of crisis assistance, but Bulgaria will continue to benefit from additional EU support for economic recovery from the crisis, Ferreira explained.

Modification of this program is possible thanks to the exceptional flexibility provided under the Investment Initiative in Response to Coronavirus (CRII) and the Investment Initiative in Response to Coronavirus Plus (CRII +), which allows Member States to use funding under the policy of convergence to support the most exposed sectors of the pandemic, such as health, small and medium-sized enterprises and labor markets.