Bulgaria To Receive EUR 511 Million in EU Funding under the SURE Instrument

Business » FINANCE | August 25, 2020, Tuesday // 10:58| Views: | Comments: 0
Bulgaria: Bulgaria To Receive EUR 511 Million in EU Funding under the SURE Instrument

Bulgaria is to receive 511 million euro in EU funding under the SURE instrument, designed to tackle the impact of the coronavirus pandemic. The aid will be provided in the form of a loan on favourable terms, the European Commission announced on August 24. Fourteen other Member States will receive financial assistance from Brussels. The decision is subject to approval by the European Council before it can enter into force.

The financial assistance totals 81.4 billion euro and comes under the 100 billion euro European instrument for temporary support to mitigate
unemployment risks in an emergency (SURE). It is an important element of the EU's comprehensive strategy to protect citizens and mitigate the severely negative socio-economic impact of the coronavirus pandemic. It is one of the three safety nets approved by the European Council for the protection of workers, enterprises and states.

Once the Council approves these proposals, the financial support will be provided in the form of loans granted on favourable terms by the EU to the Member States. These loans will help Member States cope with sudden increases in public spending to maintain employment. In particular, the funding will help Member States to cover the costs directly related to the financing of national part-time work regimes and other similar measures they have introduced in response to the coronavirus pandemic, in particular with regard to the self-employed.

After consulting the Member States requesting support and evaluating their applications, the Commission proposes that the Council approve the granting of financial support for:

Belgium - 7.8 billion euros

Bulgaria - 511 million euros

Czech Republic - 2 billion euros

Greece - 2.7 billion euros

Spain - 21.3 billion euros

Croatia - 1 billion euros

Italy - 27.4 billion euros

Cyprus - 479 million euros

Latvia - 192 million euros

Lithuania - 602 million euros

Malta - 244 million euros

Poland - 11.2 billion euros

Romania - 4 billion euros

Slovakia - 631 million euros

Slovenia - 1.1 billion euros

SURE can provide financial support totaling up to € 100 billion for all Member States. The Commission's proposals to the Council on decisions to provide financial support amount to EUR 81.4 billion and cover 15 Member States. Portugal and Hungary have already submitted official applications, which are currently being evaluated. The Commission expects to present a proposal to provide support to Portugal and Hungary soon. Member States that have not yet submitted formal applications can still do so.

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

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Tags: EU, fund, SURE
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