EC approves Bulgaria's 15.3 mln euro state aid scheme for Covid-hit tourism sector

EC approves Bulgaria's 15.3 mln euro state aid scheme for Covid-hit tourism sector

The European Commission (EC) said on Monday that it approved Bulgaria's 15.34 million euro ($17.7 million) state aid scheme for tourism companies affected by the coronavirus pandemic.

The Commission found that the support measure is in line with the conditions set out in the State Aid Temporary Framework, the EU's executive arm said in a press release.

Under the scheme, the aid will be disbursed as direct grants. In order to be eligible, companies must have experienced a decline in turnover of at least 30% last year, compared to 2019. The aid amount per beneficiary will not exceed 20% of its turnover in 2019, or 1.8 million euro, whichever the lowest.

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