May 14 (SeeNews) - The European Commission said on Thursday that it has approved Bulgaria's 88 million euro ($95 million) scheme to support micro and small companies in the context of the coronavirus outbreak.
"The Commission found that the Bulgarian scheme is in line with the conditions set out in the Temporary Framework. The Commission concluded that the measure is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State," the EU institution said in a statement on Thursday.
The scheme is designed to address the liquidity needs of micro and small companies, including self-employed, through grants aimed at helping the companies continue their activities during and after the coronavirus outbreak.
The scheme will be accessible to companies active in different sectors except agriculture, fisheries, aquaculture and forestry. Approximately 17,300 micro and small enterprises are expected to benefit from the support.
Most of the funds for the scheme - 75 million euro, will come from the European Regional Development Fund.
($ = 0.9267 euro)