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PHARE Program Funds for Bulgaria Boosted

Business | September 7, 2003, Sunday // 00:00

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Funds that the European Union (EU) PHARE program will provide for Bulgaria in 2004 are some EUR 157 M, which marks a 66 percent increase year-on-year, Bulgaria's Darik Radio said Sunday citing Finance Minister Milen Velchev.

The funds will be used to support small and medium-sized enterprises as well as a number of infrastructure projects and business incubators. Bulgaria will also receive some additional EUR 28 M for trans-border cooperation, which the country will utilize together with Turkey, Greece and Romania. Serbia and Macedonia will also join the initiative in 2004.

In 2003 Bulgaria received some EUR 95 M upon the PHARE program, Velchev said.

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