Bulgaria to Set Up EUR 100M Disaster Fund for Agricultural Producers
The Rural Development Program for the 2014-2020 programming period envisages the establishment of a guarantee fund of EUR 100 M for covering damage caused by natural disasters, according to Bulgaria's Deputy Agriculture Minister Yavor Gechev.
Gechev presented the idea on Monday during a discussion on the operational programs in the next programming period and the ensuing challenges for the business sector.
Gechev, as cited by mediapool.bg, explained that the authorities were striving to publish the ordinances containing the first ten or so measures as early as January 2014, so that the farmers could submit applications, and to open the first assistance schemes in May, thereby preventing a gap between the two programming periods.
He said that there were also plans to introduce another financial instrument with a budget of EUR 250 M for providing co-financing for farmers' projects.
He did not disclose details about the potential establishment of a guarantee fund.
Mediapool points out that the existing guarantee fund has proven to be inefficient, with a mere 7% of the funds transferred to it requested by farmers, and the instrument is to be changed in order to prevent a loss of EU funding.
The participants in Monday's discussion agreed that the business sector was expected to oppose the restriction of the minimum amount of the subsidy for agricultural producers.
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