EC approves amendment to Bulgaria's OP Innovation and Competitiveness

EC approves amendment to Bulgaria's OP Innovation and Competitiveness

The European Commission said that it has approved an amendment to Bulgaria's Operational Programme Innovation and Competitiveness, allowing the mobilisation of 511 million euro ($609 million) to support the local economy during the coronavirus crisis.

This financial support includes grants covering the working capital needs of micro, small and medium-sized enterprises, equity investments and loan guarantees, the European Commission said in a statement on Thursday.

"Bulgaria was one of the first Member States to take advantage of the Coronavirus Response Investment Initiative. These measures have a short-term objective of crisis relief but Bulgaria will also continue to benefit from additional EU support for crisis repair to allow its economic recovery," Elisa Ferreira, Commissioner for Cohesion and Reforms, said.

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