EC Approves €840 million for Bulgaria Regional Development
- New Europe Investor
- May 11, 2015
Last week, the European Commission approved €840 million as part of the Bulgaria Regional Development fund.
The European Commission initially insisted the money only go to 6 or 7 Bulgarian cities and towns.
However, the Bulgarian Prime Minister, Boyko Borisov wanted to the money to be dispersed more widely. He successfully pushed the European Commission to have the money invested into 39 regions across the country.
However, the commission pushed to prioritise larger regions. Therefore, smaller regions will only receive funds for improvements in energy efficiency and the upgrading of public buildings.
The money will support 9,000 different enterprises with the hope to mobilise over €1 billion worth of private investment. The funds are also intended to increase the productivity and numbers of SMEs.
The funds will also be used for the development of economic zones.
It is expected that the money will be rubber stamped next month by the EC, with invitations for projects at the same time within Bulgaria.
The Minister of Regional Development, Lilyana Pavlova has said approved projects will receive funds as early as July.