Bulgaria gets 511 mln euro loan under EU's SURE instrument

Bulgaria gets 511 mln euro loan under EU's SURE instrument

The European Commission said that it has disbursed the entire 511 milion euro ($626 million) of support to Bulgaria as part of a loan agreement under the SURE instrument.

"With today‘s disbursement, Bulgaria and Estonia will receive money for the first time and ten other countries will get additional support. SURE is a European success story and has benefitted up to a total of 30 million workers and 2.5 million firms so far," Ursula von der Leyen, president of the European Commission, said in a statement on Tuesday.

Bulgaria plans to use the support to back employment during the coronavirus crisis through job retention schemes, it has said previously.

SURE is a temporary financing scheme designed to provide up to 100 billion euro of loans under favourable terms to EU member states. The instrument enables member states to request EU financial support to help finance the sudden and severe increases of national public expenditure.

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