Bulgaria to receive 29 bln euro in EU funding in next seven years - PM

Bulgaria to receive 29 bln euro in EU funding in next seven years - PM

Bulgaria will receive some 29 billion euro ($33.2 billion) under the EU's Next Generation instrument for recovery from the coronavirus crisis and the EU long-term budget for the period 2021-2027, prime minister Boyko Borissov said on Tuesday.  Bulgaria will also get 200 million euro in additional funding for its underdeveloped regions, Borissov said in a video file published on his Facebook profile. The funds will go to promote growth, improve competitiveness and create jobs, he added.  Under the EU's cohesion policy 2021-2027, Bulgaria stands to receive 9 billion euro, which is 800 million euro more compared to the 2014-2020 financial framework, the prime minister also said.  After four-day negotiations in Brussels, the EU leaders agreed on a 750 billion euro recovery fund from a total financial package of 1.74 trillion euro for 2021-2027 that will help the bloc to rebuild after the coronavirus pandemic and will support investment in the green and digital transitions, the EU Council said in a statement on Tuesday.   As regards the Next Generation recovery package, 390 billion euro will be distributed in the form of grants to member states and 360 billion euro in loans, the EU Council also said. Data published by the European Commission in May, when it proposed the recovery plan, showed that Bulgaria will receive 15 billion euro if the Next Generation EU is adopted. Bulgaria's contribution to the instrument will be 3.3 billion euro, leaving the country with a positive net effect of 11.7 billion euro, or 19.3% of GDP, according to a Commission staff working document.

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