Bulgaria's Mak wins EU funding to tackle COVID-19 impact

The financing is provided by the European Fund for Regional Development as part of a funding procedure under the European Union's REACT-EU mechanism aimed at supporting small and medium enterprises to recover from the economic impact of COVID-19 by improving their energy efficiency, Mak said in a bourse filing on Friday.

According to data from the European Structural and Investment Funds Information Portal, the total financing under the procedure is 136.2 million levs. The maximum aid intensity is 50%.

Earlier this month, the European Commission granted approval to Bulgaria to receive additional financing of 55 million euro ($54.9 million) through the Recovery Assistance for Cohesion and the Territories of Europe (REACT-EU), the EU’s mechanism for recovery from the coronavirus pandemic.

(1 euro = 1.95583 levs)