Bulgaria to launch EU-backed 70 mln euro scheme to promote SMEs energy efficiency

Bulgaria to launch EU-backed 70 mln euro scheme to promote SMEs energy efficiency

Bulgaria will launch within a month a 70 million euro ($80 million) scheme funded by the EU to support investment by small and medium-sized enterprises (SMEs) in energy-efficient technologies, the innovation ministry said.

The financing under the EU's operational programme Innovations and Competitiveness will come from the 2022 tranche of the REACT-EU instrument, the innovation ministry said in a statement on Tuesday.

The scheme will be used to restore the investment activity of SMEs which has been severely hampered by coronavirus-induced restrictions as well as to facilitate transition to green economy. The measure is particularly important in the context of the significant rise in electricity and natural gas prices, the ministry noted.

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