European Commission approves 11B euro in cohesion policy funding for Bulgaria
The European Commission said on July 6 that it adopted the partnership agreement with Bulgaria, which outlines the country’s investment using cohesion policy funds worth 11 billion euro during the current multi-annual EU budget for 2021/2027.
“Cohesion policy funds will promote economic, social and territorial cohesion in the Bulgarian regions and help implementing key EU priorities such as the green and digital transition,” the Commission said in a statement.
“These funds will also support policy areas where Bulgaria has potential to improve and reduce regional disparities within the country,” the EC said.
The north-western, north-central and north-eastern regions of Bulgaria will receive a combined 4.2 billion euro of the total amount allocated for Bulgaria under cohesion policy funding.
One of the major projects that cohesion policy will support with co-financing is the planned tunnel under Shipka Peak in the Balkan Mountains, the statement said.
One of the main areas of funding is green transition, with 2.4 billion euro allocated in total, including 600 million euro to increase the share of renewable energy to 27 per cent of total energy consumption, as well as reduce energy consumption and greenhouse gas emissions in public buildings.
Another major area is the labor market, with 2.6 billion euro earmarked for improving access to employment, increasing skills so that people can successfully navigate the digital and green transition, and ensuring equal access to quality and inclusive education and training, the Commission said.
Bulgaria was allocated nine billion euro, in 2018 prices, in cohesion funding at the time that negotiations on the 2021/2027 EU multi-annual financial framework were concluded in July 2020