Bulgaria's Govt to Grant Additional BGN 100M to Municipalities

Business » FINANCE | April 7, 2014, Monday // 17:40
Bulgaria: Bulgaria's Govt to Grant Additional BGN 100M to Municipalities Bulgaria's Finance Minister Petar Chobanov. Photo by BGNES.

Municipalities in Bulgaria will be granted additional BGN 100M in 2015, Minister of Finance Petar Chobanov announced, Monday.

Minister Chobanov and Bulgarian Development Bank CEO Dimo Spasov have met with representatives of the business and have introduced credit opportunities for the SMEs in the city of Veliko Tarnovo, Standart news reports.

Funds will be allocated to the countervailable subsidy, which includes the maintenance of municipal administrations, and capital costs. Some of the money will go for road repair works, as well. A total of BGN 20M of the sum would come from the municipalities' own revenues, and the remaining BGN 80M will be granted by the state budget.

Minister Chobanov pointed out that there is no new pension reform program in the Financial Ministry. The measures have been discussed in regards to the recommendations of the European Commission to raise the retirement age. The exact parameters of the pension reform will be clear by mid-2014 at the earliest.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Finance » Be a reporter: Write and send your article
Tags: countervailable subsidy, Bulgarian Development Bank, Petar Chobanov, municipalities
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria