Coronavirus response: €511 million from EU cohesion policy to help Bulgarian economy cope with the crisis
The Commission has approved an amendment to the Bulgarian Operational Programme “Innovation and Competitiveness”, allowing the mobilisation of €511 million from the European Regional Development Fund and the Cohesion Fund, which together with the national co-financing will result in a total package of more than €600 million to support the Bulgarian economy in dealing with effects of the coronavirus crisis.
The financing includes grant support for working capital to micro, small and medium sized enterprises, equity investments, loan guarantees and investment aid for overcoming current financial difficulties and adapting their activities in the context of the crisis.
The Commissioner for Cohesion and Reforms Elisa Ferreira said: “Bulgaria was one of the first Member States to take advantage of the EU coordinated response. While these measures are targeted at the short-term objective of crisis relief, Bulgaria will continue to benefit from additional EU support for crisis repair and putting recovery on a stable track”.
Today’s decision formally adopts the operations already put in place by the Bulgarian authorities, thanks to the exceptional flexibility provided by the Commission’s Coronavirus Response Investment Initiative and Coronavirus Response Investment Initiative Plus, which allow Member States to use cohesion policy funding to support the most affected sectors because of the pandemic, such as healthcare, SMEs and labour markets.