May 21 (SeeNews) - Bulgaria's government said it will redirect a further 69.8 million levs ($39.2 million/35.7 million euro) of EU funds initially designed for environment protection to conavirus-hit small and medium-sized enterprises (SMEs).
The funds will be reallocated from operational programme Environment 2014-2020, which is co-financed by the European Regional Development Fund (ERDF), the EU's Cohesion Fund and the state budget, the government said in a statement published on its website on Wednesday.
They will be redirected to the EU's operational programme Innovations and Competitiveness 2014-2020.
Last month, Bulgaria's government said it will transfer 233 million levs of EU funds towards its human resources and competitiveness operational programmes to finance temporary employment schemes and provide working capital to SMEs.
On Wednesday, the European Commission recommended to Bulgaria to provide effective support to SMEs and self-employed, in line with the EU's 'general escape clause', which sets necessary measures to address the coronavirus pandemic.
Bulgaria needs to streamline and accelerate the procedures needed to back SMEs and self-employed in the context of the coronavirus crisis and ensure their continued access to finance and flexible payment arrangements, the Commission said.
(1 euro = 1.95583 levs)