EC Proposes EUR 511 Mln for Bulgaria to Mitigate Post-Pandemic Employment Risks

3E news
25-08-2020 09:01:57

Bulgaria is to receive 511 million euro in EU funding to cushion the severe socio-economic impact of the coronavirus pandemic, the European Commission's (EC) Representation in Sofia said.

The financial support package, proposed by the EC on Monday for approval by the Council, totals 81.4 billion euro and will benefit 15 Member States. The aid comes under the 100 billion euro European instrument for temporary support to mitigate unemployment risks in an emergency (SURE) following the COVID-19 outbreak.

Once the Council approves these proposals, the EU will extend the financial support in the form of soft loans underpinned by a system of voluntary guarantees from Member States. The funding will help cover the costs directly related to the financing of national short-time work schemes and other similar measures put in place as a response to the coronavirus pandemic, in particular for the self-employed.

The Commission expects Member States to complete very shortly the process of finalizing their guarantee agreements with it.

Source: ЕС/ BTA

European Commission
EU funding
coronavirus pandemic