Bulgaria to get additional 161 mln euro under REACT-EU mechanism

Bulgaria to get additional 161 mln euro under REACT-EU mechanism

Bulgaria's government said it will receive an additional 315 million levs ($193.1 million/161.1 million euro) financing under REACT-EU, the European Union's programme for recovery following the coronavirus pandemic, thanks to changes in the bloc's operational programme Human Resources Development 2014-2020.

The additional funds will finance job retention schemes at coronavirus-hit enterprises, support of medical and non-medical staff, and will also benefit the provision of social services in the context of the pandemic, the government said in a statement on Wednesday.

According to data published by the European Commission, Bulgaria's recovery from the coronavirus crisis this year will be backed with 438 million euro ($525.1 million) in gross allocation  before deduction of administrative expenditure and technical assistance under the REACT-EU initiative.

The 47.5 billion euro REACT-EU is one of the largest programmes under EU's coronavirus crisis recovery plan Next Generation EU. The allocation methodology for this funding takes full account of the economic and social impact of the crisis on EU member states, reflecting the GDP drop and rise of unemployment as well as the relative wealth of the countries. According to the terms of the programme, expenditure incurred from 1 February 2020 is eligible, while the final date of eligibility for this expenditure is 31 December 2023, EC data showed.

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