Bulgaria adds 51 mln euro to budget of interest-free loan guarantee scheme

Bulgaria adds 51 mln euro to budget of interest-free loan guarantee scheme

Bulgaria's government said on Wednesday that it has decided to increase the budget of the Bulgarian Development Bank's (BDB) interest-free loan guarantee scheme by 100 million levs ($61.5 million/51.1 million euro) to 300 million levs.

The funds will be reallocated from the BDB's portfolio guarantee scheme in support of micro, small and medium-sized enterprises hurt by the pandemic to the interest-free loan guarantee scheme for individuals who are temporarily out of a job due to COVID-19, the government said in a statement.

The decision was prompted by the continued high interest towards the programme from individuals, the government noted.

Bulgaria reported a registered unemployment rate of 7.0% in January, up by 0.7 percentage points compared to January 2020.

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