Financial and business news from Bulgaria

Extraordinary news from the EC for a Bulgarian scheme for 15 million euros

The European Commission has approved a Bulgarian scheme amounting to BGN 30 million (approximately €15 million) to support micro, small and medium-sized bus companies affected by the coronavirus pandemic.
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The scheme is approved according to the Temporary Framework for State Aid adopted by the EU, the press centre of the EC Representation in Bulgaria announced.

The aim of the measure is to mitigate the sudden liquidity shortage faced by these companies, given the extent of the impact of the pandemic on their activities. The aid will take the form of direct grants.

They will partially cover the operating costs of bus transport of passengers from 1 February 2020 until six months after the entry into force of the grant agreement concluded between the beneficiary and the Bulgarian Ministry of Transport, Information Technology and messages.

Applicants can submit applications ranging from BGN 3,000 (approximately EUR 1,500) to BGN 450 000 (approximately EUR 230 000).

The European Commission has found that the Bulgarian scheme meets the conditions set out in the Temporary Framework. In particular, the aid will not exceed EUR 800 000 per company and will be granted no later than 30 June 2021. The Commission concluded that the measure was necessary, appropriate and proportionate to address serious difficulties in the economy of a Member State in accordance with Article 107 (3) (b) TFEU and the terms of the Temporary Framework.

The non-confidential version of the decision will be published under SA.59182 in the State aid register on the Commission's competition website once any data confidentiality issues have been resolved.